Islamic Finance 

UAE’s Sharjah Islamic Bank reports 6.8 pct rise in profit for 2018

| 30 January, 2019
UAE’s Sharjah Islamic Bank reports 6.8 pct rise in profit for 2018
Photo: A man walks past a newly-opened Sharjah Islamic Bank branch on Sheikh Zayed Road in Dubai, UAE, on January 11, 2012. REUTERS/Jumana El Heloueh

UAE’s Sharjah Islamic Bank reported a 6.8 percent increase in net profit for the full year 2018.

SIB made a net profit of 510.4 million dirhams ($139 million), the company reported today.

Its total income grew 14.6 percent to 1.7 billion dirhams compared to 2017.

The bank said its balance sheet rose by 16.9 percent to 44.7 billion dirhams.

Net customer financial receivables increased 11.1 percent to 24.1 billion dirhams from 21.7 billion dirhams in 2017.

Total customer deposits grew 18.5 percent to reach 26.4 billion dirhams.

SIB’s total assets surged 16.9 percent to 44.7 billion dirhams compared to 38.3 billion dirhams in 2017.

($1 = 3.6725 Emirati dirhams)

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