Dubai: Sharjah Islamic Bank (SIB) reported a net profit of Dh360 million for the first nine months of 2017, up 7.2 per cent compared to Dh335.8 million for the same period last year.
The bank’s total assets reached Dh37.8 billion at the end of the third quarter 2017 compared to Dh33.5 billion at the end of 2016.
For the third quarter of the year the bank reported a net profit of Dh87.12 million compared to Dh78.75 million in the same quarter last year. Provisions net of recoveries were at Dh47.49 million in the third quarter of this year compared to Dh19.32 million in the same period in 2016.
The bank’s liquid assets reached Dh8.2 billion or 21.6 per cent of the balance sheet at the end of the third quarter 2017 compared to Dh7.8 billion or 23.4 per cent at the end of 2016, reflecting the strong liquidity position of the bank and the strength of its financial position.
Net customer receivables of the bank amounted to Dh20.3 billion at the end of the third quarter 2017, an increase of 18.8 per cent compared to the year end 2016.
Year to date the bank reported a 20.5 per cent growth in customer deposits compared to the year end 2016.
For the nine-month period this year the bank’s net operating income reached Dh696.5 million, up 18.5 per cent compared to Dh587.6 million in the same period 2016. The bank continued to maintain strong capital adequacy ratio of 20.60 per cent at the close of the third quarter of 2017.
