SIB’s net profit grows 22.5% in Q1

Sharjah Islamic Bank (SIB) announced an increase in its net profit before tax by 22.5 per cent, amounting to Dhs285.4 million for the first quarter 2024, compared to Dhs233.1 million for the same period of the previous year, whereas, net profit after tax amounted Dhs259.7 million, an increase of 11.4 per cent.

The overall revenue increase is due to the SIB’s strong core performance; focus on the Bank’s customer-centric approach and multiple new high-profit-oriented customised products.

Total income on financing and investment products increased by 23.5 per cent, equivalent to an increase of Dhs163.5 million, to reach Dhs858.1 million for the first quarter of 2024, compared to Dhs694.6 million for the same period last year.

Net fees, commissions and other income increased by 20.4 per cent to reach Dhs136.7 million, compared to Dhs113.5 million for the same period in the previous year.

The general and administrative expenses amounted to Dhs174.3 million at the end of the first quarter of 2024, compared to Dhs156.1 million for the same period in 2023; a marginal increase of Dhs18.2 million but an improved cost-to-income ratio of 34.5 per cent compared to 34.7 per cent for last year. In the face of ongoing operational risks, the Bank increased its provisions by Dhs45.0 million for the three-month period ending 31st March, 2024, compared to Dhs94.7 million for the same period in 2023.

The total assets of the Bank stood at Dhs70.1 billion, compared to Dhs65.9 billion at the year-end 2023, with an increase of Dhs4.2 billion or 6.4 per cent.

The SIB has continued to maintain strong liquidity, which amounted to Dhs15.3 billion, at a rate of 21.8 per cent of the total assets, compared to Dhs13.7 billion, or 20.8 per cent of the total assets at the end of the previous year.