Sharjah Islamic Bank net profit jumps 58%

Dubai: Sharjah Islamic Bank announced its first half 2008 results on Tuesday with net profit of Dh191.8 million, up 58 per cent from 121.1 million achieved in the same period last year.

The profit before distribution to depositors reached Dh309.7 million, a 65 per cent increase when compared to 187.4 million for the same period last year.

Balance sheet

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, while customer deposits increased 20 per cent to reach Dh8.4 billion, since December 2007.

"The first half results for 2008 show strong financial performance in all aspects of the bank's core businesses as well as its subsidiaries. This is a reflection of the success of the efforts undertaken to execute our strategic objectives," said Mohammad Abdullah, chief executive of Sharjah Islamic Bank.

The lender's ratings have recently been upgraded by Capital Intelligence to BBB+ for foreign currency long-term ratings and A2 for the short-term ratings.