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SIB net profit up 2% on year to Dh208.7m

Bank reports a 1% rise in value of total assets

Gulf News

Abu Dhabi: Sharjah Islamic Bank (SIB) said on Wednesday that its net profit during the first nine months of 2012 rose 2 per cent on year to Dh208.7 million.

In the corresponding period last year, SIB’s net profit stood at Dh204.7 million, the Sharia-compliant bank said in a statement.

“The balance sheet grew since December 2011, with total assets reaching Dh17.9 billion compared with Dh17.7 billion, a 1 per cent rise,” SIB said.

It said the net customer receivables during the first nine months of this year reached Dh10.5 billion compared with Dh10.4 billion in December 2011. Customer deposits in the same period reached Dh11.2 billion, an increase of 7.4 per cent since December last year.

“Total shareholder equity amounting to Dh4.4 billion represents 24.9 per cent of the total assets and total liquid assets reached Dh3.9 billion, which represents 21.9 per cent of the total assets, reflecting the bank’s strong financial position,” SIB said, describing the gains achieved during January-September 2012.