Sharjah Islamic Bank announces 30% rise in net profits to reach Dhs110m for Q1 of 2014
Sharjah Islamic Bank announced its 1st Quarter 2014 results with Net Profits reaching Dhs110m, compared to 84.8 million achieved in the same period last year, a 30% growth rate.
Net customer facilities reached Dhs13.3bn rising by Dhs803.3m, a 6.4% increase since December 2013 and customer deposits reached Dhs12.3bn rising by Dhs355.8mn or 3% growth since Dec 2013. Total Assets reached Dhs22.1mn, growing by 1.8% since Dec 2013.
SIB shareholder’s equity of 4.4 billion represents 19.9% of the total balance sheet footing reflecting the bank’s strong capital base and strong financial position that enables the Bank to achieve its strategic objectives.
Mohamed Abdullah, CEO of Sharjah Islamic Bank, commented, “The first quarter results are a positive indicator for the year ahead. As the bank continues to achieve its growth plans and future strategy, SIB has positioned itself to benefit from the positive future economic outlook to achieve the best results and strengthen its financial position.”
For more information please contact:
Yousef Al Taweel