16/01/2018 07:23 AST

Sharjah Islamic Bank (SIB) on Monday reported a full year 2017 net profit of Dh477.7 million compared with Dh462.9 million in 2016.

Despite booking a total provision of Dh253.8 million, which is in line with the bank's conservative provisioning policy, the bank reported higher earnings and the board of directors has proposed distribution of 8 per cent in cash dividends to be approved by the shareholders in the next annual general meeting (AGM) meeting.

SIB's total income reached Dh1.49 billion with an increase of 8.4 per cent compared with Dh1.37 billion last year. Net operating income increased 4.9 per cent year on year to Dh933.8 million compared with 890.4 million in 2016.

The bank's total assets increased by 14 per cent in 2017 to reach Dh38.3 billion. The Bank has also strengthened its financial position and expanded its capital base. Diversifying the use of funding resources, customer financing reached Dh21.7 billion at the end of 2017 compared to Dh17.1 billion at the end of 2016, an increase of 27 per cent. Investments in securities, increased by 23 per cent to Dh5 billion compared to Dh4.1 billion at the end of 2016.

On the liabilities side, the bank reported strong growth in customer deposits last year by 22 per cent to reach Dh22.3 billion as at the yearend 2017 compared with Dh18.3 billion reported at the end of 2016.

At the yearend 2017 lending to stable deposits ratio was at 79.8 per cent, well below the Central Bank requirement, which enhances the bank's ability to achieve high growth rates and its ability to diversify its financing activities.

The bank increased its capital base since the beginning of the year twice, firstly through the distribution of bonus shares to the shareholders during the first quarter of 2017, as dividends for 2016, and secondly through the issuance of convertible sukuk into ordinary shares amounting to Dh266.8 million in the fourth quarter of 2017.

Last year the bank's capital increased to Dh2.9 billion and total shareholders' equity to Dh5.5 billion. The capital adequacy ratio, according to Basel II requirements, reached 21.14 per cent at the end of 2017.


Gulf News

Sharjah Islamic Bank hires HSBC, StanChart for benchmark dollar sukuk

03/04/2018

Sharjah Islamic Bank has mandated HSBC and Standard Chartered to coordinate the potential sale of dollar-denominated sukuk, sources familiar with the matter said.

The Islamic bonds will be

Gulf News

SIB to discuss 8% cash dividend proposal at AGM

22/01/2018

Sharjah Islamic Bank (SIB) said it will look into a proposal for the distribution of 8 per cent cash dividends, valued at Dh234.78 million.

The proposal will be reviewed during the annual

Gulf News

SIB raises capital through issuance of convertible sukuk

02/01/2018

Sharjah Islamic Bank (SIB) has successfully completed the issuance of Dh266.8 million worth of sukuk convertible into equity of the bank to the Sharjah Social Security Fund (SSSF). The move came in l

Gulf News

Ticker Price Volume
SIB Sector Market
P/E
Price/BookValue
Dividend Yield (%)
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
IHC 401.70 -0.30 (-0.08%)
FAB 13.90 -0.14 (-1.00%)
EMIRATESNBD 20.15 -0.30 (-1.47%)
ADCB 11.10 -0.22 (-1.95%)
EIB 12.25 0.00 (0.00%)
Adnoc Distribution to operate 500 high-power EV chargers by 2028

26/04/2025

Adnoc Distribution, a leading fuel distributor and convenience store operator, has unveiled plans for a major expansion of its electric vehicle (EV) charging infrastructure, increasing its charging p

Trade Arabia

Saudi Awwal Bank signs SR2 billion credit facility with Saudi Binladin Group

25/04/2025

Saudi Awwal Bank (SAB), one of the leading banks in Saudi Arabia, has signed SR2 billion credit facility agreement with the Saudi Binladin Group, a subsidiary of Binladin International Holding Group,

Saudi Gazette

Dubai logistics firm Aramex CEO Othman AlJeda resigns

24/04/2025

The Dubai-based logistics firm Aramex has confirmed a new acting CEO after Othman AlJeda, the incumbent, resigned for personal reasons.

The change at the top comes just weeks after Abu Dhabi

Gulfnews

UAE banks continue to hit high growth in Q1-2025, with ADIB's net profit at D1.9b

24/04/2025

The leading UAE banks have put up some sizable growth in their Q1-2025 results, with ADIB's net profit before tax totalling Dh1.9 billion - and that's from an impressive 18% gain year-on-year.

Gulfnews

Salalah Port welcomes eco-friendly container ships

24/04/2025

Salalah Port has received five modern dual-fuel methanol-powered container vessels from Maersk's fleet, marking a significant milestone in the port's infrastructure development and readiness to accom

Times of Oman