Sharjah Islamic Bank nine-month 2020 net profit at Dh353.4m, down from Dh415.4m
But bank was able to bring down operational costs by quite some margin
Dubai: Higher provisions dented Sharjah islamic Bank's nine-month net profits, which totalled Dh353.4 million against Dh415.4 million a year ago. Impairment costs came Dh151.3 million for this period, as against only Dh50.3 million from 2019.
"The bank continued to diversify its financing facilities portfolio in different economic sectors in accordance with its credit policy that takes into consideration the effects of the prevailing market volatility," it said in a statement. Financing facilities totalled Dh29.5 billion, up Dh4.4 billion year-on-year.
General and admin expenses were brought down to Dh403.2 million at the end of the third quarter, from Dh431.6 million, which the bank attributed to "operational efficiencies". The balance-sheet shows assets of Dh53.3 billion, a gain of 15 per cent compared to Dh46.4 billion at the end of 2019.