Net profit increased by 29.6% in 9 months

The Board of Directors of “Sharjah Islamic Bank” approves 40% foreign ownership

Sharjah Islamic Bank announced that its net profit increased by 29.6%, as the net profit amounted to 458 million dirhams for the nine-month period ending on September 30, 2021, compared to 353.4 million dirhams for the same period of the previous year, which was reflected in an increase in its operating profits by 29.3 %, which amounted to 652.9 million dirhams, compared to 504.8 million dirhams for the same period in 2020.

The bank stated in a statement yesterday that the board of directors discussed allowing foreign investors (all nationalities) to own 40% of the shares of Sharjah Islamic Bank.

He added that despite the partial recovery from exceptional circumstances, with regard to the emerging corona virus, and in continuation of the bank's hedging policy, the net impairment provisions, which amounted to 194.8 million dirhams, increased, compared to 151.4 million dirhams for the same period last year.

The bank pointed out that the growth of its net profits indicates the strong performance in all of the bank’s business units, and as a result, the net income of financing and investment products increased by 16.3%, to reach 812.3 million dirhams, compared to 698.4 million dirhams for the same period last year, while the net increase Fees, commissions and other income increased by 17.6%, to 246.5 million dirhams, compared to 209.6 million dirhams.

In turn, deposits increased by 9.3%, bringing the total to 36.7 billion dirhams, compared to 33.6 billion dirhams at the end of 2020. Total shareholders' equity at the end of June 2021 amounted to 7.7 billion dirhams.

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