Sharjah Islamic bank
Sharjah Islamic Bank’s 2022 numbers continue the narrative of strong showings by UAE’s leading banks. Image Credit: Ahmed Ramzan/Gulf News

Dubai: Sharjah Islamic Bank is the latest UAE financial institution to confirm a buoyant set of results for 2022, with net profit up a substantial 26.6 per cent to Dh650.9 million.

Net income for the year was Dh1.2 billion, against Dh1.09 billion for 2021. SIB clocked impairment provisions (net of recoveries) were at Dh313.8 million, in line with a ‘prudent credit management approach’. This compares to Dh244.5 million for 2021.

By end of last year, the Sharjah bank was sitting on assets of Dh59.1 billion, a gain of 7.6 per cent year-on-year.

“The distribution to depositors and sukuk holders reached Dh725.3 million for 2022 compared to Dh563 million for 2021,” the bank said in a statement. “These profit allocations represent the depositors’ share of the Group’s net operating profit based on the profit sharing mechanism between shareholders and depositors as approved by SIB’s Sharia board.

“SIB has been successfully pursuing a strategy of stable growth in (the) financial position.”