SIB’s net profits up 6.2% in first half of 2017

17/07/2017 07:52 AST

Sharjah Islamic Bank (SIB) reported a net profit of Dh272.9 million for the first half of 2017, up 6.2 per cent compared to Dh257 million for the same period last year.

Total assets reached Dh36.9 billion at the end of the second quarter 2017, representing an increase of 10 per cent compared Dh33.5 billion at the year-end 2016. Liquid assets were at Dh8.4 billion or 22.8 per cent of the balance sheet at the end of the second quarter of 2017 compared to Dh7.8 billion at the year-end 2016. Net customer receivables of the bank amounted to Dh19 billion at the end of the second quarter of 2017, an increase of 11.2 per cent compared to the end of 2016.

Investment securities increased by 20.1 per cent to reach Dh4.9 billion at the close of first half of 2017, compared to Dh4.1 billion at the year-end 2016.

SIB’s total customer deposits reached Dh22.1 billion at the close of the second quarter of 2017, up 20.7 per cent compared to Dh18.3 billion during the same period last year.

SIB’s net operating income was Dh480.1 million in the first half of 2017 was up 10.2 per cent compared to Dh435.5 million reported in the same period of 2016.

Return (annualised) on average shareholders’ equity reached 10.94 per cent by the end of the second quarter of 2017, compared to 9.68 per cent at the end of December 2016, while return on average assets was 1.55 per cent by the end of 2017’s second quarter compared to 1.46 per cent at the end of December 2016.

SIB remains strongly capitalised with total shareholders’ equity at Dh5.1 billion or 13.9 per cent of total assets and maintains a strong capital adequacy ratio of 20.61 per cent at the close of the first half of 2017.

Gulfnews