Sharjah Islamic General Assembly approves cash dividends and bonus shares

The General Assembly of the Sharjah Islamic Bank approved, during its annual meeting, chaired by the Chairman of the Board, Abdul Rahman Al Owais, and in the presence of the members of the board and the executive management of the bank, distributing 10% of the profits to the shareholders, including 5% in cash and 5% of bonus shares, after the bank achieved a net profit of 545.5 million dirhams, during the past year, an increase of 7% over 2018, whose profits amounted to 510.4 million dirhams.

The annual meeting, which was held in the Sharjah Chamber of Commerce and Industry, was attended by representatives of the Securities and Commodities Authority and the Department of Economic Development in Sharjah, in addition to a large number of shareholders, during which the consolidated financial statements for the fiscal year ending on December 31, 2019 were approved.

Al Owais said: “The positive financial results of Sharjah Islamic Bank for the year 2019 reflect the position of the bank’s financial position and its strong performance, which was expressed last June by the rise of the credit rating agency (Standard & Poor's), the bank’s long-term credit rating from (BBB) ​​to ( A-) With a stable outlook, the bank’s total assets have grown by 3.7% to reach 46.4 billion dirhams, compared to 44.7 billion dirhams at the end of 2018 ».

He added, "The good performance of Sharjah Islamic Bank will continue in the current year, amid expectations for the stability of the performance of the banking sector, which has strong capital stocks and large liquidity, as well as encouraging government spending plans, the continuation of large projects, and the continued economic growth at strong levels, according to international rating agencies."

The total operating income of the bank last year was 1.9 billion dirhams, compared to 1.7 billion dirhams in 2018, an increase of 187.3 million dirhams, equivalent to an increase of 11%, while net operating income last year amounted to 1.3 billion dirhams, compared to 1.1 billion dirhams In 2018, an increase of 19.9%, equivalent to 216.1 million dirhams.

As for general and administrative expenses, it reached 585.4 million dirhams for 2019, by comparison

With 614.2 million dirhams in 2018, a decrease of 28.9 million dirhams, or 4.7%.