Sharjah Islamic’s net profit of AED 353.4 million in 9 months
Total assets of the bank rose 15% to 53.3 billion dirhams.
From the source
Sharjah Islamic Bank stated that its operating profits rose to 504.7 million dirhams for the nine-month period ending on September 30, 2020, compared to 465.7 million dirhams for the same period last year, before calculating impairment provisions, with a growth of 8.4%.
The bank confirmed in a statement yesterday that the net profit amounted to 353.4 million dirhams, compared with 415.4 million dirhams, a decrease of 14.9%, during the comparison period, as a result of the increase in net impairment provisions, which reached 151.3 million dirhams, compared to 50.3 million dirhams. From last year, an increase of 101.1 million dirhams, equivalent to 201.1%.
The bank's balance sheet showed a 15% increase in total assets to reach 53.3 billion dirhams for the nine-month period ending on September 30, 2020, compared to 46.4 billion dirhams over the previous year.
Total customer financing increased to 29.5 billion dirhams, an increase of 4.4 billion dirhams, equivalent to 17.5%, compared to 25.1 billion dirhams from the previous year.
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