Sharjah Islamic Bank reported a 25 per cent increase in net profit for the second quarter of 2022, it announced on Wednesday.
The lender posted net profit of Dh361.9 million in the three months to June, compared to Dh289.5 million in the year-ago period.
Operating profit before provisions went up 19.1 per cent at Dh497.2 million, compared to Dh417.3 million in the year-ago period.
Net income on financing and investment products increased by 9.2 per cent or Dh49.3 million, to reach Dh587.3 million, compared to Dh538.0 million for the same period last year, while net fees, commissions, and other income increased by 23.5 per cent to reach Dh184.1 million, compared to Dh149.0 million earlier.
The lender’s balance sheet stood at Dh56.1 billion compared to Dh55.0 million at end of December 31, 2021.
Liquidity stood at Dh14.4 billion at 25.8 per cent of the total assets, compared to Dh14.3 billion, or 26.1 per cent of the total assets at the end of the previous year.
The bank recorded an impairment provision amounting to Dh135.3 million, compared to Dh127.8 million for the previous period, an increase of Dh7.5 million or 6 per cent.
Customer deposits were recorded at Dh37.4 billion, compared to Dh38.5 million at the year-end, a decrease of Dh1.1 billion.