Dubai: Sharjah Islamic Bank (SIB) has recorded a net profit of Dh510.4 million for 2018, up 7 per cent compared to Dh477.7 million reported in 2017.

SIB’s board has recommended an 8 per cent cash dividend for the shareholders. Bank’s management said that the results reflect the success of the bank’s strategy to achieve steady and stable growth in profitability and its financial position. SIB’s total operating income increased 15.2 per cent in 2018 to Dh1.7 billion compared to Dh1.5 billion in 2017. Total fees and other income from investments and subsidiaries increased by 4 per cent to Dh541.3 million in 2018. Net operating income increased 16.5 per cent Dh1.1 billion in 2018 compared toDh0.9 billion last year.

Bank’s total assets grew 17 per cent to Dh44.7 billion as at the end of December 2018 compared to Dh38.3 billion at the end of 2017. Financing grew 11 per cent last year to Dh24.1 billion compared to Dh21.7 billion reported in 2017. Customer deposits increased by 18.5 per cent amounting to Dh4.1 billion to reach Dh26.4 billion compared to Dh22.3 billion in the previous year. At the year-end 2018 SIB’s capital adequacy ratio stood at 17.69 per cent.