Dubai: Sharjah Islamic Bank (SIB) has posted Dh397.7 million net profits for the first nine months of 2018, up 10.5 per cent compared to Dh360 million reported during the same period last year.
Total assets of the bank reached Dh44 billion at the end of September 2018 compared to Dh38.3 billion reported at the end of December 2017, representing an increase of 14.9 per cent.
Customer financing reached Dh22.9 billion at the end of September 2018 compared to Dh21.7 billion at the end of December 2017, showing an increase of 5.7 per cent. Investment in securities, which mainly represents an investment in sovereign and investment grade rated tradable sukuk, increased significantly by 27.1 per cent to Dh6.4 billion compared to Dh5 billion at the end of 2017.
SIB’s liquid assets ratio was at 22.7 per cent at the end of September 2018, resulting in strong liquidity position. Despite tight liquidity situation during the year, the bank continues to attract deposits during 2018. Customers’ deposits increased by 21.2 per cent to Dh27 billion during the first nine months of 2018 compared to Dh22.3 billion declared at the end of 2017.
Net operating income reached Dh815.4 million during January to September 2018, up 17.1 per cent compared to Dh696.5 million in the same period in 2017. Return (annualised) on average shareholders’ equity (ROAE) reached 9.76 per cent by the end of the 3rd quarter 2018 compared to 9.21 per cent at the end of December 2017, while return (annualised) on average assets (ROAA) was 1.29 per cent by the end of the 3rd quarter of 2018 compared to 1.33 per cent at the end of December 2017.
SIB’s capital adequacy ratio stood at 18.29 per cent while non-performing loans (NPL) coverage ratio has improved to reach 122 per cent of the NPLs in 2018 compared to 99.8 per cent by the end of 2017.