Sharjah Islamic Bank's nine-month pre-tax profit jumps 29%
Bank approved purchase of 5.1818% of the bank's shares as treasury shares
Dubai: Sharjah Islamic Bank (SIB) posted an increase in its profit before tax by 29 per cent, amounting to Dh992.1 million for the first nine months of 2024, as the lender's investments in multiple new high-profit oriented customised products paid off.
Net profit after tax amounted Dh902.5 million or the first nine months of 2024, an increase of 18 per cent as compared to the same period of previous year, with total income on financing and investment products spiking by 22 per cent, equivalent to an increase of Dh494.1 million, to reach Dh2.7 billion during the period.
Additionally, the general assembly meeting of the SIB held yesterday, approved norms on ownership and national contribution of the bank's shares, and the sale of all the shares owned by Kuwait Finance House (KFH) in the SIB.
With regard to the purchase of KFH shares in the SIB, it discussed the proposal for Sharjah Islamic Bank to purchase 167.7 million treasury shares (representing 5.1818 per cent of the bank’s total shares) from the shares owned by Kuwait Finance House in Sharjah Islamic Bank, totaling 588.3 million shares, which is equivalent to 18.1818 per cent of the total shares.
The proposal outlined the sale of all the shares owned by Kuwait Finance House to Sharjah Endowment, which would acquire 226.5 million shares (7 per cent of the bank’s total shares), the Sharjah Social Security Fund, which would acquire 194.1 million shares (6 per cent of the SIB’s total shares), and Sharjah Islamic Bank’s treasury, which would acquire 167.7 million shares (5.1818 per cent of the SIB’s total shares).