SIB announces Dh110m net profit for first quarter 2014

Sharjah Islamic Bank, SIB, has announced its Q1 2014 results with a net profit of Dh110 million, compared to 84.8 million earned in the same period last year. Net customer facilities reached Dh 13.3 billion rising by Dh803.3 million, a 6.4% increase since December 2013 and customer deposits reached Dh12.3 billion rising by Dh 355.8 million or 3% growth since Dec 2013. Total Assets reached Dh22.1 million, growing by 1.8% since Dec 2013. SIB shareholder's equity of 4.4 billion represents 19.9 per cent of the total balance sheet footing reflecting the bank's strong capital base and strong financial position that enables the Bank to achieve its strategic objectives. Mohamed Abdullah, CEO of Sharjah Islamic Bank commented, "The first quarter results are a positive indicator for the year ahead. As the bank continues to achieve its growth plans and future strategy, SIB has positioned itself to benefit from the positive future economic outlook to achieve the best results and strengthen its financial position.