16/07/2018 07:35 AST

Sharjah Islamic Bank (SIB) on Sunday reported Dh283 million net profit for the first half 2018 compared to Dh272.9 million in the same period last year. Net operating income reached Dh524.2 million for the first six months of 2018, up 9.2 per cent compared to Dh480.1 million in the same period 2017.

Bank’s total assets increased 12 per cent to Dh42.8 billion at the end of the first half 2018 compared to Dh38.3 billion at the end of 2017. Customer financing reached Dh22.6 billion at the end of the first half 2018, up 4.1 per cent compared to Dh21.7 billion at the end of 2017. Investment in securities, which mainly represent investment in sovereign and investment grade rated tradable Sukuk, increased significantly by 20 per cent to reach Dh6 billion compared to Dh5 billion at the end of 2017.

SIB continues its strategy to maintain liquid assets ratio above 22 per cent of total assets and has reached Dh9.5 billion or 22.2 per cent at the end of the first half 2018, the bank said in a statement.

On the liability side, SIB’s customer deposits were up 15.2 per cent to Dh25.7 billion at the close of the first half of 2018 compared to Dh22.3 billion at the end of 2017.

As part of the SIB’s ongoing strategy to continue to diversify the funding sources, the bank issued a new five years Sukuk of $500 million during April 2018, as part of $3 billion (Dh11 billion) medium terms Sukuk approved programme. SIB currently has three outstanding Sukuk totalling $1.5 billion. Non-performing receivables (NPL’s) coverage ratio improved to 124 per cent of the NPL’s in 2018 as compared to 99.8 per cent by end of 2017.

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