Sharjah Islamic Bank posts 31% rise in full-year net profit
Earnings boost from increased investment in Islamic financing and customer deposits
Image Credit: Ahmed Ramzan/Gulf News
Dubai: Sharjah Islamic Bank posted a 30.8 per cent rise in net profit to Dh851.5 million for the year ended December 2023, compared to a year ago, aided by increased investments in Islamic financing and customer deposits.
During the period, the lender saw its net investment in Islamic financing reach Dh33 billion at the end of December 2023, compared to Dh30.7 billion at the end of December 2022, an increase of Dh2.4 billion or 7.7 per cent.
Total customer deposits reached Dh45.2 billion by the end of 2023, compared to Dh39.5 billion at the end of December 2022. an increase of Dh5.7 billion or growth of 14.4 per cent.