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Sharjah Islamic Bank 2013 net profits up 12.9 per cent at AED 307.1 million

January 26, 2014

Sharjah Islamic Bank (SIB) has announced 2013 net profit of AED 307.1 million compared to AED 272 million in 2012. The Board of Directors propose a 10 per cent cash dividend amounting to AED 242.5 million. During the year, Sharjah Islamic Bank's balance sheet grew by 18.6 per cent with total assets reaching AED 21.7 billion. Net customer facilities rose by 16.5 per cent, by AED 1.8 billion, to reach AED 12.5 billion. Customer deposits reached AED 11.9 billion rising by AED 566.5 million, achieving 5.0 per cent growth. During 2013, SIB successfully issued $500 million in international Sukuk. Mohamed Abdullah , CEO of Sharjah Islamic Bank said, "This has been a strong year with numerous positive financial and economic indicators for both the UAE and the financial sector. In 2013, SIB achieved high growth rates and the bank continued to expand its branch network with a focus on enhancing customer experience. The SIB 2013 financial results are a reflection of the strong performance achieved in all our core businesses and subsidiaries. We look forward to continue the momentum of growth as per our strategic objectives and BOD directives."

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Source: CPI Financial

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