Sharjah Islamic Bank’s profit tops Dhs1 billion

Gulf Today, Staff reporter

Sharjah Islamic Bank (SIB) announced record financial results and exceptional growth for the year ending Dec. 31 2024. The bank’s net profit before tax increased by 36.5%, reaching Dhs 1.15 billion, while net profit after tax amounted to Dhs 1.05 billion, reflecting a 24.5% increase. This marks a significant milestone in the Bank’s history, as its net profit surpassed the one billion dirham mark for the first time. This strong performance reflects SIB’s ability to expand and diversify its operations, capitalizing on opportunities in both local and global financial markets.

These results confirm the success of SIB’s strategies in achieving sustainable and continuous growth, while maintaining a steadfast commitment to providing added value to its shareholders. They also highlight the SIB’s prominent role in supporting financial and economic growth in the country.

In terms of financial performance, the total profit from financing to customers and financial institutions grew by 20.6%, reaching Dhs 3.7 billion in 2024. Additionally, income after deducting profits for depositors and Sukuk holders rose by 4%, reaching Dhs 1.50 billion compared to Dhs 1.45 billion in 2023.

In terms of income diversification, the Bank saw a significant increase of 45.3% in fee and commission income, reaching Dhs 400.4 million, compared to Dhs 275.5 million in the previous year. As a result total operating income grew by 10.4%, reaching Dhs 2.2 billion compared to Dhs 2.0 billion in 2023.

Despite a 12.2% increase in general and administrative expenses to Dhs 779.1 million in 2024, the Bank maintained stability in its cost-to-income ratio, which stood at 35.7% compared to 35.2% in 2023, reflecting high operational efficiency.

Regarding risk management, the Bank enhanced its financial strength through impairment provisions and the revaluation of properties amounting to Dhs 253.2 million, a decrease of 42.3% compared to Dhs 439.0 million in 2023.