Sharjah Islamic Bank announces 23 percent rise in net profits and proposes 10 percent cash dividend

Sharjah, 22 January 2015 (WAM): Sharjah Islamic Bank has announced its 2014 results with net profits reaching Dh377.2 million, compared to 307.1 million achieved last year, a 23 percent growth rate. Total income increased to reach Dh1.16 billion compared to Dh921.2 million for the last year with an increase of 26 percent, and an increase on net operating income to reach Dh729.4 million compared to Dh534.0 million for the last year with an increase of 37 percent. Net customer facilities reached Dh14.5 billion rising by Dh2.0 billion, a 15.6 percent increase since December 2013 and customer deposits reached Dh14.6 billion rising by Dh2.7 billion or 22.6 percent growth since December 2013. Total Assets reached Dh26.0 billion, growing by 19.7 percent since December 2013. Liquid assets reached Dh6.3 billion or 24.1 percent of the balance sheet at the end of 2014 compared to Dh5.1 billion or 23.6 percent at the end of 2013. SIB shareholder’s equity of Dh4.6 billion represents 17.6 percent of the total balance sheet footing, maintain a strong capital adequacy ratio of 23.92 percent 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." – Emirates News Agency, WAM – http://www.wam.ae/en/news/economics/1395275417244.html