Sharjah Islamic Bank Image Credit: File photo

Dubai: Sharjah Islamic Bank (SIB) on Sunday approved a distribution of eight per cent cash dividends to its shareholders at its annual general meeting (AGM).

The AGM was chaired by, Abdul Rahman Al Owais, chairman of the Board of Directors, and attended by the board members and the executive management.

The bank had reported net profits of Dh510.4 million in 2018, as compared to Dh477.7 million in 2017,

“Despite the competition in the UAE banking sector, Sharjah Islamic Bank’s revenues and net profits have continued to grow remarkably in 2018. This is in line with the strategic objectives set by the board of directors, which has been a driving force of the economic development of the country,” said Al Owais.

In addition to the distribution of the cash dividend, the meeting also discussed the balance sheet, which showcased strong performance and improved financial position of the bank, with total assets increasing 17 per cent to Dh44.7 billion by the end of 2018 compared to Dh38.3 billion in 2017. Customer deposits increased by 18.5 per cent or Dh4.1 billion to a total of Dh26.4 billion compared with Dh22.3 billion at the end of 2017.