Dubai: Sharjah Islamic Bank (SIB) on Thursday reported a net profit of Dh106.9 million for the first quarter 2015 compared to Dh110 million for the same period last year.
The bank’s total assets grew 5.3 per cent to Dh27.4 billion at the end of the first quarter 2015 compared to Dh26 billion at year end 2014. Liquid assets reached Dh5.7 billion comprising 20.7 per cent of total assets.
Net customer receivables amounted to Dh16 billion growing by 10.5 per cent or Dh1.5 billion compared to year end 2014. Investment securities increased by 27.6 per cent to reach Dh2 billion compared to Dh1.6 billion at the end of 2014.
SIB’s customer deposits reached Dh15.2 billion at the close of the first quarter, up 4.4 per cent compared to Dh14.6 billion at the end of 2014. In the first quarter the bank issued a new $500 million (Dh183.5 million) five-year sukuk as part of the $3 billion medium-term notes sukuk programme.
The bank has a capital base with Dh4.5 billion in shareholder’s equity as of end of first quarter 2015, comprising 16.3 per cent of total assets and a capital adequacy ratio of 21.3 per cent.
