Bahrain and Saudi Arabia discuss mutual ties

The Sharjah Islamic Bank, SIB, has posted a net profit of AED 360.0 million for the nine months of 2017 compared to AED 335.8 million for the same period last year, a 7.2 percent increase. Total assets reached AED37.8 billion at the end of Q3 2017, compared to AED33.5 billion at the end of 2016.

Liquid assets reached AED 8.2 billion or 21.6 percent of the Balance Sheet at the end of Q3 2017 compared to AED 7.8 billion or 23.4 percent at the end of 2016, reflecting the strong liquidity position of the bank and the strength of its financial position. Net customer receivables of the bank amounted to AED20.3 billion at the end of Q3 2017, an increase of 18.8 percent or AED3.2 billion compared to the same period in 2016.

Investment securities increase by 19.8 percent to reach AED4.9 billion at the end of Q3 2017 compared to AED4.1 billion at the same period in 2016.

Throughout Q3 2017, the bank experienced positive growth rates in attracting deposits of all kinds, the balance of customer’s deposits, reported commendable growth by 20.5 percent, with an increase of AED 3.8 billion higher than of 2016 totaling to AED 22.1 million.

Net Operating Income reached AED696.5 million for the nine month of 2017 compared to AED 587.6 million in the same period 2016, an increase of 18.5 percent.

Sharjah Islamic Bank is strongly capitalised. Total shareholders’ equity reached AED 5.2 billion or 13.8 percent of total assets by the end of Q3 2017, and maintain a strong capital adequacy ratio of 20.60 percent by the Q3 2017.