Sharjah Islamic Bank announces net profits of Dh307.1 million in 2013

Sharjah (WAM) - Sharjah Islamic Bank (SIB) has announced its 2013 financial results yesterday with net profit reaching Dh 307.1 million compared to Dh272 million in 2012, achieving a 12.9 per cent increase. The Board of Directors propose a 10 per cent cash dividend amounting to Dh 242.5 million. During the year, SIB balance sheet grew by 18.6 per cent with total Assets reaching Dh 21.7 billion. Net Customer Facilities rose by 16.5 per cent, Dh 1.8 billion growth, to reach Dh 12.5 billion. Customer deposits reached Dh 11.9 billion rising by Dh 566.5 million, achieving 5.0 per cent growth since Dec 2012. Moreover during 2013, SIB successfully issued US$ 500 million in international Sukuk at very competitive pricing. Mohamed Abdullah, CEO of Sharjah Islamic Bank commented, "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." - Emirates News Agency, WAM