Sharjah Islamic Bank announces a 23% rise in Net Profits and propose a 10% cash dividend

Sharjah Islamic Bank announced its 2014 results with Net Profits reaching AED 377.2 million, compared to 307.1 million achieved last year, a 23% growth rate.

Total income increased to reach AED 1.16 billion compared to AED 921.2 million for the  last year with an increase of 26%, and an increase on net operating income to reach AED 729.4 million compared to AED 534.0 million for the last year with an increase of 37%

Net customer facilities reached AED 14.5 billion rising by AED 2.0 billion, a 15.6% increase since December 2013 and  customer deposits reached AED 14.6 billion rising by AED 2.7 billion or 22.6% growth since Dec 2013. Total Assets reached AED 26.0 billion, growing by 19.7% since Dec 2013. 

Liquid assets reached AED 6.3 billion or 24.1% of the Balance Sheet at the end of 2014 compared to AED 5.1 billion or 23.6% at the end of 2013.

SIB shareholder’s equity of 4.6 billion represents 17.6 per cent of the total balance sheet footing, maintain a strong capital adequacy ratio of23.92% according to Basel II by the end of December reflecting the bank’s strong capital base and strong financial position that enables the Bank to achieve its strategic objectives. 

Mohamed Abdullah, CEO of Sharjah Islamic Bank commented, 'The year results for 2014 show strong financial performance in all aspects of the bank's core businesses as well as in its subsidiaries. This is a reflection of the success of the efforts undertaken to execute our strategic objectives."