Dubai: Sharjah Islamic Bank announced an increase in its operating profit before provisions by 31 per cent, reaching Dh648.7 million, for the first half of 2023, compared to Dh497.2 million for the same period in the previous year.
The bank’s net profit surged to Dh494.6 million for the first half ended June 30, showing a growth of 36.7 per cent from Dh361.9 million in the corresponding period last year.
Net income from financing and investment products was up 22 per cent, equivalent to Dh129.4 million, to reach Dh716.7 million for the first half of 2023, compared to Dh587.3 million in the same period last year. Net fees, commissions and other income rose by 34.6 per cent to reach Dh247.8 million, compared to Dh184.1 million in the year-ago period.
General and administrative expenses amounted to Dh315.7 million at the end of the first half of 2023, compared to Dh274.3 million for the same period in 2022, an increase of Dh41.5 million but an improved cost-to-income ratio of 32.7 per cent compared to 38.0 per cent last year.
The bank recorded an increase in net impairment provisions amounting to Dh154.2 million, compared to Dh135.3 million in the previous period, marking an increase of Dh18.9 million, or 14 per cent.
The bank’s balance sheet stabilised at Dh61.1 billion, with an increase of Dh1.9 billion or 3.3 per cent compared to Dh59.1 billion as of December 31, 2022.
The bank’s customer deposits reached Dh42.1 billion, compared to Dh39.5 billion at the year-end of 2022, an increase of Dh2.6 billion or 6.6 per cent.