Stock - Sharjah Islamic Bank / SIB
Sharjah Islamic Bank continues to diversify its financing portfolio in various sectors as the total customer financings increased by Dh1.6b or 5.5% to reach Dh30.6b. Image Credit: Clint Egbert/Gulf News

Dubai: The Sharjah Islamic Bank pulled out a net profit of Dh568.6 million for the year to end September, which is a 24.1 per cent gain on the Dh458.02 million last year.

Operating profit before provisions were higher by 11.9 per cent, to Dh730.3 million compared to Dh652.9 million for the same period the previous year. The Sharjah bank reported impairment provisions of Dh161.7 million, down from the Dh194.8 million a year ago, which works out to an impressive 17 per cent drop.

“The Bank has maintained strong liquidity, which amounted to Dh11.7 billion, at a rate of 21.5 per cent of the total assets, compared to Dh14.3 billion, or 26.1 per cent of total assets at the end of the previous year,” it said in a statement.