Sharjah Islamic Bank's 9-month net profit up 34.9% at Dh767.3 million
The lender's total assets stood at Dh63.4 billion
Dubai: Sharjah Islamic Bank's net profit rose 34.94 per cent to Dh767.3 million for the first nine months through September 2023, year-on-year.
Total operating income for the nine-month period rose 22.8 per cent over a year ago to Dh1.412 billion.
Net operating income before impairment of financial assets rose 28.7 per cent year-on-year to Dh939.8 million. Net income on financing and investment products rose 22.4 per cent year-on-year to Dh1.1 billion.
Net fees, commissions, and other income increased by 24 per cent over a year ago to Dh329.6 million.
General and administrative expenses amounted to Dh473 million for the period under consideration — a 12.48 per cent increase over a year ago. Yet, the bank's cost-to-income ratio stood at 33, below the bank's target of 38. Net impairment provisions, however, rose 6.7 per cent year-on-year to Dh172.5 million.
The lender's total assets for the first nine months of 2023 stood at Dh63.4 billion, compared with Dh 59.1 billion in December 2022.
Earnings per share rose 40 per cent over a year ago to Dh0.21.