Business | Banking

Net profits of Sharjah Islamic Bank up by 12.3%

The bank achieved a net profit of Dh260.1 million in 2009

  • Staff Report
  • Published: 12:34 January 26, 2010

Sharjah: The SIB board of directors approved the financials for 2009 proposing a cash dividend distribution of Dh231 million, equivalent to 10 per cent of paid in capital.

The bank achieved a net profit of Dh260.1 million in 2009 which includes general and specific provisions of meet any possible risks for SIB and its subsidiary companies with an increase of 12.3 per cent compared to 231.6 million Profit achieved in the same period last year and an increase of net profit before distribution to depositors by 22.7 per cent to reach Dh564.0 compared to Dh459.7 million for last year. 

Profits allocated and distributed to depositors amounted to Dh303.8 million in 2009 increased by 33 per cent compared to Dh228.1 million for the same period last year.

Total assets grew by 439.0 million, a 3 per cent rise since December 2008 reaching Dh16.0 billion.

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