Dubai: Sharjah Islamic Bank (SIB) on Wednesday reported a net profit of Dh290.5 million for the first half of 2019, up 3 per cent compared to Dh283 million achieved during the same period last year.
The bank’s total assets reached Dh44.3 billion at the end of the first half of this year, bringing it to the same level as the end of 2018.
On the assets side, total customer financing reached Dh24.7 billion at the end of the first half of 2019 compared to Dh24.1 billion at the end of 2018, an increase of Dh593.8 million or 2.5 per cent.
The bank has continued to pursue its conservative strategy of keeping the liquidity level above 20 per cent of total assets. As a result, liquid assets reached Dh9 billion or 20.4 per cent of total assets by the end of the first half 2019.
On the liabilities side, customer deposits stabilised during the year to reach Dh28.2 billion, settling at the same level as end of last year.
Net operating income reached Dh660.7 million at the end of the first half this year compared to Dh524.2 million in the same period of 2018, an increase of Dh136.5 million or 26 per cent.
SIB has a strong capital base. Total shareholders’ equity at the end of the first half this year reached Dh5.5 billion, representing 12.43 per cent of the bank’s total assets and a capital adequacy ratio of 17.23 per cent.