Sharjah Islamic Bank net profits to rise by 29% in 2024

The overall revenue increase is because of the SIB's strong core performance; focus on SIB’s customer-centric approach and multiple new high profit oriented customized products.

Total income on financing and investment products increased by 22 percent, equivalent to an increase of AED 494.1 million, to reach AED 2.7 billion for the first nine months of 2024, compared to AED 2.2 billion for the same period last year. Net fees, commissions and other income increased by 53 percent to reach AED 505.8 million, compared to AED 329.6 million for the same period in the previous year.

General and administrative expenses for the nine-month period ended 30 September 2024 amounted to AED 521.5 million, compared to AED 473.0 million for the same period in 2023, an increase of AED 48.5 million but an improved cost to income ratio of 32.3 percent for the nine-month period ended 30 September 2024, compared to 34.7 percent for the full year 2023.

SIB has continued to maintain a strong liquidity, which amounted to AED 15.6 billion, at a rate of 20.8% to the total assets, which was at the same level at the end of the previous year.

Sharjah Islamic Bank continues to diversify its financing portfolio in various economic sectors as the total customer financings reached AED 36.6 billion, an increase of AED 3.5 billion or 10.7 percent, as compared to AED 33.0 billion at the end of the previous year by following a wise credit policy that takes into account all economic challenges. The ratio of investments in Islamic finance to customer deposits reached a stable level of 76.2 percent, in line with the strategic objectives of management.

Total investment securities increased by AED 3.1 billion, or 23.0 percent, to reach AED 16.7 billion, compared to AED 13.5 billion at the end of the previous year.

SIB’s customer deposits reached AED 48.0 billion as of 30 September 2024, an increase of AED 2.8 billion or 6.2 percent, compared to AED 45.2 billion at the end of the previous year.

Sharjah Islamic Bank has a strong capital base, as the total shareholders’ equity at the end of September 2024 amounted to AED 8.7 billion, which represents 11.6 percent of the SIB’s total assets. Thus, SIB maintained a high capital adequacy ratio in accordance with Basel-III at 17.7 percent.