Sharjah24: Sharjah Islamic Bank (SIB) achieved an increase in its operating profits before provisions amounting to AED 212.2 million, compared to AED 167.2 million for the same period last year, with an increase of 26.9%, while net profit for the three months ended 31 March 2021 amounted to AED164.2 million, compared to AED 153.7 million for the same period last year, despite of provision increase of 254.6% as a result of the increase in net provisions for impairment, which amounted to AED 48.0 million, compared to AED 13.5 million from the same period last year, an increase of AED 34.5 million.
The balance sheet reflects the Bank’s total assets of AED 54.9 billion at the end of March 2020, growing by 2.5% compared to AED 53.6 billion at the end of 2020.
The SIB continued to diversify its financing facilities portfolio in different economic sectors in accordance with its prudent credit policy that takes into consideration the effects of the prevailing market volatility and instability in global and regional capital market on banking operations. Financing facilities reached AED 29.3 billion, in the same level at the yearend 31 December 2020.
SIB successfully attracted more deposits during the period as customer deposits increased by 5.6% to reach AED 35.5 billion compared to AED 33.6 billion at the yearend 31 December 2020.
Liquid assets stayed strong at AED 12.8 billion or 23.3% of total assets at the end of March 2021.
On the expenses side, general and administration expenses declined to AED 131.4 million at the end of the 1st quarter 2021 compared to AED 135.0 million for the same period 2020, a decrease of AED 2.1 million or 1.5%, due to operational efficiencies achieved by the Bank.
Sharjah Islamic Bank has a strong capital base. Total shareholders' equity at the end of March 2021 reached AED 7.5 billion, representing 13.6% of the Bank's total assets with a strong capital adequacy ratio of 21.51% according to Basel III requirements.
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