Sharjah Islamic Bank posts a net profit of Dh 204.6m

The Sharjah Islamic Bank (SIB) has posted a net profit of Dh 204.6 million for the 1st half of 2015 compared to Dh 202.1 million for the same period last year; recording an increase of 1.2%. Total assets also grew by 7.0% reaching Dh 27.8 billion at the end of the 2nd Quarter 2015 compared to Dh 26.0 billion at the end of 2014.

The results reflect the success of SIB's strategy of pursuing consistent and stable growth in profitability and solid financial position, according to SIB.

Liquid assets reached Dh 5.9 billion or 21.3% of total assets at the end of the 2nd Quarter 2015. Net customer receivables of the bank amounted to Dh 15.9 billion rising by 10.1% or Dh 1.5 billion compared to the end of 2014.

Investment securities surged by 42.0% to reach Dh 2.2 billion compared to Dh 1.6 billion at the end of 2014.

SIB says that it has successfully attracted more deposits during the 2nd quarter of the year as customer deposits reached Dh 15.3 billion growing by 685.4 million or 4.7% compared to Dh 14.6 billion at the end of 2014.

Sukuk payable reached Dh 5.1 billion by end of the 2nd quarter 2015 compared with Dh 3.3 billion at the end of 2014 with an increase of Dh 1.8 billion or 55.6 % Due to issuance of new USD 500 million five-year Sukuk as part of the bank's USD 3 billion medium-term notes Sukuk program, enhancing the bank's position in the field of international Sukuk. It is worth mentioning that this is SIB's fourth Sukuk issuance since 2006 supporting its strategic plans.

Return (annualised) on Average Shareholders' Equity (ROAE) reached 8.93% by the end of the 2nd Quarter 2015 compared to 8.27% at the end of December 2014, while Return (annualised) on Average Assets (ROAA) was 1.52% by the end of the 2nd Quarter 2015 compared to 1.58% at the end of December 2014.

Sharjah Islamic Bank has said that it is strongly capitalised. Total shareholders' equity reached Dh 4.6 billion or 16.4% of total assets with a capital adequacy ratio equal to 21.62% by the end of the 2nd Quarter 2015.