SIB reports a net profit of AED 318.9 MM for 1st quarter of 2025

Income from investments in Islamic financing and sukuk grew by AED 56.2 million, or 6.6%, reaching AED 914.3 million in the first quarter of 2025, compared to AED 858.1 million in the first quarter of 2024. Meanwhile, total distributions to depositors and Sukuk holders amounted to AED 546.9 million, compared to AED 490.0 million, reflecting SIB's stability in net income and its ability to balance financing growth with an equitable profit distribution mechanism that aligns with Sharia principles. It also demonstrates the Bank’s resilience in maintaining consistent income even in the face of volatile funding costs and competitive pricing pressures in the market.

Sharjah Islamic Bank continues to emphasize the diversification of its revenue base, as evidenced by a significant growth in the net fee and commission income which rose sharply by 38.3% to AED 107.6 million in the first quarter of 2025, up from AED 77.8 million in the first quarter of 2024. As a result, the Bank recorded total operating income of AED 531.7 million, an increase of AED 27.0 million, or 5.3%, compared to AED 504.7 million in the same period last year. This upward trend reflects the Bank's ability to maintain stable operating income in a changing economic environment while effectively capitalizing on opportunities across various economic sectors.

Total general and administrative expenses for the first quarter of 2025 amounted to AED 198.3 million, an increase of 11.3% compared to AED 178.1 million in the same period of 2024. This rise is mainly attributed to the Bank’s continued investment in human capital, technology, and operational infrastructure to support business expansion and improve customer service. Despite the increase in expenses, the Bank's net operating income before impairment provisions reached AED 333.4 million, compared to AED 326.7 million in the first quarter of 2024, reflecting a 2% increase, which shows the Bank's ability to absorb cost pressures while maintaining stable profitability, reinforcing its operational efficiency and sound financial management.