Sharjah Islamic Bank profits up 30% in first quarter

Dubai: Sharjah Islamic Bank on Wednesday reported net profits Dh110 million for the first quarter of 2014, up 30 per cent compared to 84.8 million in the first quarter of 2013. Net customer facilities reached Dh13.3 billion rising by Dh803.3 million (6.4 per cent) since end December 2013 and the customer deposits reached Dh12.3 billion rising by Dh355.8 million (up 3 per cent) in the same period. “The first quarter results are a positive indicator for the year ahead. As the bank continues to achieve its growth plans and future strategy, SIB has positioned itself to benefit from the positive future economic outlook to achieve the best results and strengthen its financial position,” said Mohammad Abdullah, CEO of Sharjah Islamic Bank