Sharjah Islamic Bank achieves record net profits

Gulf Today, Staff Reporter

The Sharjah Islamic Bank (SIB) maintained its strong financial position amid global economic challenges. This confirms the SIB’s flexibility in the face of rising profit rates and global inflation rates, in addition to increasing banking competition, which confirms the success and effectiveness of the policies pursued by the SIB, which have led to achieving strong financial performance and continuous growth year after year.

Sharjah Islamic Bank sustains robust growth, achieving a 31% surge in net profits to Dhs 841.5 million in 2023, compared to Dhs 650.9 million in 2022. Operating profits also see a 23% rise, reaching Dhs 2.0 billion for 2023, up from Dhs 1.6 billion in the previous year.

The net income resulting from financing and investment products witnessed a significant increase of 20% to reach Dhs 1.5 billion, an increase of Dhs 239.6 million compared to the same period of the previous year in 2022, when it reached Dhs 1.2 billion.

Similarly, there was a commendable growth of 23% in net fees, commissions, and other income, reaching Dhs 275.5 million for the fiscal year 2023, in contrast to the Dhs 224.2 million reported for the same period in 2022.

Meanwhile, general and administrative expenses registered a 12% increase, totaling Dhs 684.1 million for the year ended 2023, compared to Dhs 610.8 million for the preceding year. Noteworthy, however, is the enhancement of cost efficiency ratios through strategic policy measures, resulting in a notable improvement from 38% in the previous year to the current 35%.