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Sharjah Islamic Bank, SIB, has posted a net profit increase of 12.5% for the nine months ending 30th September 2016 to reach AED 335.8 million compared to AED 298.4 million for the same period last year.
Total assets increased by 6.5% to reached AED 31.8 billion at the end of the 3rd Quarter 2016 compared to AED 29.9 billion at the end of December 2015. Liquid assets reached 22.6% of total assets amounting to AED 7.2 billion. Investment securities surged by 66.4% to reach AED 3.9 billion compared to AED 2.4 billion at the end of 2015, in addition, net customer receivable reached AED 16.5 million compared to AED 16.3 billion at the end of 2015.
As part of the bank's ongoing strategy to continue to diversify its funding sources, SIB successfully issued a US$ 500 million international Sukuk on 8th September, and has successfully paid off a US$400.0 million Sukuk which matured during the 2nd quarter of this year from its own sources, which is evidence of its excellent liquidly position.
These transactions are testament to investors’ confidence in the bank's long term operating model and business strategy, and represent another key milestone in the bank's growth strategy. Accordingly, Sukuk reached AED5.5 billion at the end of the 3rd quarter of 2016 compared with AED5.1 billion at the end of 2015.
Despite the high competition in the market, SIB has successfully maintained its customer deposits as main source of funding to reach AED17.0 billion growing by only 0.4% compared to the end of 2015.
SIB is strongly capitalised with total shareholders’ equity amounting to AED4.8 billion, or 15.1% of total assets, and with a capital adequacy ratio of 21.6% by the end of Q3 for 2016, compared to Central Bank requirement of 12%.
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