Sharjah Islamic Bank (SIB) reported a 6 per cent increase in its net profit, amounting to AED 151.7 million in the first quarter of 2019, compared to AED 143.1 million reported for the same period last year. The Bank's total assets reached AED 42.8 billion at the end of March quarter with the same level achieved by the end of 2018.

Total customers financing reached AED 24.5 billion during January to March period this year compared to AED 24.1 billion at the end of 2018 with an increase of AED 357.1 million or 1.5 per cent.

As a result, the Bank continued to pursue its conservative strategy to keep the liquidity level above 20 per cent of the total assets. Liquid assets reached AED 9.4 billion or 21 per cent of the total assets by the end of the first quarter of 2019.

Customer deposits stabilised during the year to reach AED 26.4 billion, to settle at the same level  of last year.

Net operating income declared at AED 329.2 million at the end of the first quarter compared to AED 254.8 million in the same period of 2018, showing an increase of AED 74.4 million or 29.2 per cent.

Return (annualised) on average shareholders' equity increased to 11.32 per cent at the end of the first quarter of this year compared to 9.36 per cent at the end of December 2018. Return (annualised) on average assets witnessed an increase of 1.36 per cent at the end of the first quarter compared to 1.23 per cent at the end of December 2018.

Sharjah Islamic Bank has a strong capital base. Total shareholders' equity at the end of the first quarter of this year reached AED 5.4 billion, representing 11.94 per cent of the Bank's total assets and a capital adequacy ratio of 16.62 per cent.

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