Sharjah Islamic Bank Image Credit: File photo

Dubai: Sharjah Islamic Bank (SIB) has reported a 7 per cent increase in net profits, totalling Dh545.5 million in 2019.

Total assets reached Dh46.4 billion at the end of 2019, a 3.7 per cent increase.

Total operating income stood at Dh1.9 billion, while net operating income rose to Dh1.3 billion. General and administration expenses declined to Dh585.4 million by the end of 2019.

Customer deposits increased by 3.3 per cent or Dh874.5 million to reach Dh27.3 billion.

The board of directors proposed 5 per cent cash dividends (Dh0.05 per share) and 5 per cent bonus share on the paid capital (1 share for each 20 shares).

Liquid assets reached Dh10.4 billion, or 22.4 per cent of total assets. Financing facilities stood at Dh25.1 billion, an increase of Dh1.0 billion or 4.2 per cent.

“2019 was a good year for Sharjah Islamic Bank, as we developed the technical and administrative systems, and achieved the highest profit in the bank’s history, in spite of the competitive environment and market challenges,” said Mohammed Abdullah, CEO of Sharjah Islamic Bank.

“Many of these challenges were a result of rapid technological advancement that changed the customers’ way of thinking. Banks customers enjoy a high level of awareness, and hence banks must constantly adapt to meet their requirements.”

Total shareholders’ equity at the end last year reached Dh7.5 billion, representing 16.2 per cent of the Bank’s total assets with an increase of Dh2.1 billion, due to the issuance of Tier 1 Sukuk during the third quarter amounting to $500 million (Dh1.8 billion) while capital adequacy ratio reached 22.79 per cent in comparison to 16.96 per cent in 2018.