Sharjah Islamic Bank (SIB) has announced its first half 2018 financial results and achieved a net profits of AED 283.0million of the first half 2018 compared to AED 272.9 million same period last year; a 4% increase.

Total assets reached AED 42.8 billion at the end of the first half 2018 compared to AED 38.3 billion at the endof 2017, representing an increase of 12%.

On the asset side of the balance sheet, customer financing reached AED 22.6 billion at the end of the first half 2018 compared to AED 21.7 billion at the end of 2017, an increase of 4.1%. Also investment in securities, which mainly represent investment in sovereign and investment grade rated tradable Sukuk, increased significantly by 20% to reach AED 6.0 billion compared to AED 5.0 billion at the end of 2017.

Moreover, SIB continues its strategy to maintain liquid assets ratio above 22% of total assets and has reached AED 9.5 billion or 22.2% at the end of the first half 2018. As an evidencing strong liquidity position.

On the liability side, despite the tight liquidity during the year, SIB successfully attracted more customer deposits during the year to reach AED 25.7 billion growing by AED 3.4 billion or 15.2% compared to AED 22.3 billion at the end of 2017.

As part of the SIB’s ongoing strategy to continue to diversify the funding sources, the bank has successfully issued a new five years Sukuk of USD 500 million during April 2018, as part of USD 3 billion medium terms Sukuk approved program. SIB currently has three outstanding Sukuk totaling USD 1.5 billion.

This transaction is testament of investors’ confidence on our long term operating model and business strategy, and this transaction represents another key milestone in the bank growth strategy.

Non-performing receivables/NPL’scoverage ratio has improved to reach124.0% of the NPL’s in 2018 as compared to 99.8% by end of 2017.

On the Bank’s statement of profit or loss, net Operating Income reached AED 524.2 million for the first half of 2018 compared to AED 480.1 million in the same period 2017, an increase of 9.2%.

Return (annualized) on Average Shareholders’ Equity (ROAE) reached 10.54% by the end of the 2ndQuarter  2018 compared to 9.21% at the end of December 2017, while Return (annualized) on Average Assets (ROAA) was 1.40% by the end of the 2nd Quarter 2018 compared to 1.33% at  the end of December 2017.