Business | Banking
Sharjah Islamic Bank's net profit rises 67% in third quarter
Sharjah Islamic Bank posted a net profit of Dh287.1 million in the third quarter of 2008, compared to 171.8 million in the same period last year, a 67 per cent increase.
- Staff Report
- Published: 23:56 October 22, 2008
Sharjah: Sharjah Islamic Bank posted a net profit of Dh287.1 million in the third quarter of 2008, compared to 171.8 million in the same period last year, a 67 per cent increase.
Net profit before distribution to depositors reached Dh458.5 million, a 58 per cent increase compared to Dh289.8 million for the same period last year, the bank said on Wednesday. The balance sheet grew by 48 per cent since December 2007 with total assets reaching Dh16.1 billion.
Customer receivables
Net customer receivables reached Dh10 billion, up by Dh3.5 billion while customer deposits reached Dh8.3 billion, up 18 per cent since December 2007.
"Sharjah Islamic bank's excellent financial results for the first nine months of 2008 demonstrate the success of the bank's strategy to diversify its sources of revenue and provide long-term sustainability and strong foundations for the future.
"These achievements are the outcome of a dedicated SIB team and a supportive board of directors," said Mohammad Abdullah, CEO of Sharjah Islamic Bank.
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