Business | Banking
Sharjah Islamic Bank announces 58% rise in net profits
Sharjah Islamic Bank announced its first half 2008 results with net profit of Dh191.8 million, compared to 121.1 million achieved in the same period last year, achieving a 58 per cent increase.
- Staff Report
- Published: 13:29 July 15, 2008
Sharjah: Sharjah Islamic Bank announced its first half 2008 results with net profit of Dh191.8 million, compared to 121.1 million achieved in the same period last year, achieving a 58 per cent increase.
Net profit before distribution to depositors reached Dh309.7 million, a 65 per cent increase compared to Dh187.4 million for the same period last year.
The balance sheet grew by 44 per cent since December 2007 with total Assets reaching Dh15.7 billion. Net customer receivables reached Dh8.7 billion rising by Dh2.2 billion (or 34 per cent) while customer deposits reached Dh8.4 billion, a 20 per cent growth since Dec 2007.
Mohammad Abdullah, CEO of Sharjah Islamic Bank commented, “The first half results for 2008 show strong financial performance in all aspects of the bank's core businesses as well as in its subsidiaries. This is a reflection of the success of the efforts undertaken to execute our strategic objectives."
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