Dubai: Sharjah Islamic Bank (SIB) on Monday reported 50 per cent increase in its first half 2014 net profits to Dh202.1 million, compared to Dh134.7 million in the same period last year.

Net customer facilities reached Dh14.5 billion rising by Dh2 billion (15.7 per cent), from the year end 2013. The bank’s customer deposits were up 14.8 per cent to Dh13.7 billion in at the close of the first half of 2014 compared to year end 2013. Total assets grew 7.7 per cent to reach Dh23.4 billion at the close of the first half.

SIB’s shareholder’s equity of Dh4.5 billion represents 19.2 per cent of the total balance sheet footing reflecting the bank’s strong capital base and strong financial position that enables the Bank to achieve its strategic objectives.