Sharjah Islamic Bank announces a 3.7% rise in net profit to reach AED 70.0 million for the first quarter of 2011

Press release

Published April 18th, 2011 - 01:03 GMT

Al Bawaba

Sharjah Islamic Bank announced its 1^st quarter 2011 results yesterday with net profit of AED 70.0 million, compared to 67.5 million achieved in the same period last year achieving a 3.7% increase.

The balance sheet grew since December 2010 with total Assets reaching AED 17.1 billion compared to AED 16.7 billion growing by 2.8%.

Net customer receivables reached AED 10.3 billion compared to AED 9.7 billion in Dec 2010 increasing by 6.3% while customer deposits reached AED 11.1 billion, compared with AED 10.4 billion in Dec 2010 increasing by 7.3%.

It should be noted that the total shareholder equity reached AED 4.3 billion representing 25% of the total assets in addition total liquid assets reached AED 4.0 billion, which represents 23.5% of the total assets reflecting the bank’s strong capital base and the robust financial position for the bank.

Background Information

Sharjah Islamic Bank

We believe in our vision and values just as strongly today as we did the first time we put them on paper more than 30 years ago.

Sharjah Islamic Bank (SIB) started servicing the society in 1975; providing banking services to individuals and companies. An Amiri decree; released by His Highness Dr. Sheikh Sultan Bin Mohamed Al Qassimi the member of the Supreme Council & Ruler of Sharjah, was issued to launch & green-light the bank’s expedition. The bank was originally founded as National Bank of Sharjah and was suited the first bank to convert to Islamic Banking in 2002.