Dubai: Sharjah Islamic Bank (SIB) on Sunday posted a net profit of Dh257 million for the six months of 2016, up 25.6 per cent compared to Dh204.6 million for the same period last year.
Bank’s total assets reached Dh29.8 billion at the end of the second quarter 2016 compared to Dh29.9 billion at the end of 2015. Liquid assets were at Dh6.4 billion or 21.5 per cent of total assets at the end of the second quarter 2016.
Net customer receivable reached Dh15.8 billion at the end of the second quarter 2016 compared to Dh16.3 billion at the end of 2015. SIB’s customer deposits were up 3.1 per cent to D17.5 billion compared to Dh17 billion at the year-end 2015.
Bank’s provisions net of recoveries were at Dh84.4 million in the first half of this year compared to Dh19.6 million in the same period last year.
During the second quarter 2016 the bank repaid a sukuk of $400 million, through its own sources. SIB’s remains strongly capitalised with a capital adequacy ratio of 21.93 per cent at the close of the first half of the year.
SIB’s return on average shareholders’ equity (annualised) was 10.89 per cent at the close of the first half of the year compared to 8.82 per cent at the end of December 2015, while return on average assets was 1.72 per cent by the end of the second quarter 2016 compared to 1.47 per cent at the end of December 2015.
