SIB’s net operating profit rises 26 per cent

Sharjah Islamic Bank announced an increase in its operating profit before provisions by 25.6%, amounting to Dhs417.3 million for the first six months, compared to Dhs332.3 million for the same period of the previous year. Net profit amounts to Dhs289.5 million for the six months period ended June 30 2021 compared to Dhs251.2 million for the same period of the previous year, an increase of 15.2%, despite an increase in net impairment provisions, which amounts to Dhs127.8 million, compared to Dhs81.1 million for the previous year, an increase of Dhs46.7 million, equivalent to 57.6%. Strong results are a reflection of Bank’s robust business policies on the face of challenging global operational conditions owing to the on-going Corona pandemic.

Net income on financing and investment products increased by 16.3%, equivalent to an increase of Dhs75.5 million, to reach Dhs538 million for the first six months of 2021, compared to Dhs462.6 million for the same period last year, whereas, net fees, commissions and other income increased by 14.8% to reach Dhs152 million, compared to Dhs138.7 million for the same period in the previous year.

The Bank maintained the same level of expenses compared to previous period, where the general and administrative expenses amounts to Dhs272.8 million at the end of the first half of 2021, compared to Dhs269.0 million for the same period in 2020; a marginal increase of Dhs3.7 million, or 1.4%.