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SIB 9-month net profits up 12.5 per cent

Bank diversifies funding through sukuk issue

Gulf News

Sharjah: Sharjah Islamic Bank (SIB) reported Dh335.8 million profit for the first nine months of 2016, up 12.5 per cent compared to Dh298.4 million reported for the same period last year.

Total assets increased by 6.5 per cent to Dh31.8 billion at the end of the third quarter 2016 compared to Dh29.9 billion at the end of December 2015.

Liquid assets were up 22.6 per cent of total assets, amounting to Dh7.2 billion. Investment securities surged by 66.4 per cent to Dh3.9 billion compared to Dh2.4 billion at the end of 2015. Net customer receivables reached Dh16.5 million at the close of the third quarter compared to Dh16.3 billion at the end of 2015.

As part of the bank’s ongoing strategy to continue to diversify its funding sources, SIB has successfully issued a $500 million (Dh1.84 billion) international sukuk in September, 2016. The bank also paid off $400 million sukuk matured during the second quarter of this year through its own sources.

Customer deposits remained the main source of funding at Dh17 billion at the close of the quarter up just 0.4 per cent from end of 2015. The bank reported capital adequacy ratio of 21.6 per cent by the end of the third quarter of 2016.