Sharjah Islamic Bank (SIB) posted a net profit of AED 131.4 million for the three month of 2016 compared to AED 106.9 million for the same period last year; a 22.9% increase.

Net Operating Income reached AED 219.2 million by the end of the 1st  Quarter 2016 compared to AED 141.5 million in the same period 2015, an increase of 55.0%.

Net provision on customer receivable reached AED 43.8 million by end of the 1st  Quarter 2016 compared to AED 4.2 million in the same period last year with an increase of AED 39.6 million.

Return on Average Shareholders’ Equity (ROAE) reached 11.29% by the end of the 1st Quarter  2016 compared to 8.82% at the end of December 2015, while Return (annualized) on Average Assets (ROAA) was 1.75% by the end of the 1st  Quarter 2016 compared to 1.47% at  the end of December 2015.

 Total assets reached AED 30.2 billion at the end of the 1st Quarter 2016 compared to AED 29.9 billion at the end of 2015 with growth of 1.0%. The results reflect the success of SIB’s strategy of pursuing consistent and stable growth in profitability and solid financial position.

Liquid assets reached AED 6.7 billion or 22.3% of total assets at the end of the 1st quarter 2016. Net customer receivables of the bank amounted to AED 16.6 billion rising by 1.4% compared to the end of 2015.

Investment securities surged by 18.9% to reach AED 2.8 billion compared to AED 2.4 billion at the end of 20154.

Customer deposits reached AED 17.1 billion growing by 1.0% retaining and further growing its capital base, Sharjah Islamic Bank is strongly capitalized. Total shareholders’ equity reached AED 4.6 billion or 15.28% of total assets with a capital adequacy ratio equal to 20.6% by the end of the 1st Quarter 2016.