#Sharjah Islamic Bank's net profit up 7% | ZAWYA MENA Edition

Sharjah Islamic Bank's net profit up 7% | ZAWYA MENA Edition:

Sharjah Islamic Bank (SIB) recorded a seven percent increase in its total net profit, making a total of AED545.5 million in 2019, in comparison to the AED510.4 million recorded in 2018.

In a statement today, the bank said its balance sheet reflects strong performance and sound financial position, with total assets reaching AED46.4 billion at the end of 2019, 3.7 pc increase in comparison to the AED44.7 billion achieved at the end of 2018.

"These results reflect the bank's strategy of achieving steady and stable growth, with the total operating income reaching AED1.9 billion in 2019 compared to AED1.7 billion in 2018. An 11 pc or AED187.3 million increase brought the net operating income to AED1.3 billion in 2019, compared with AED1.1 billion as compared to last year, or 19.9 pc with an increase of AED216.1 million." General and administration expenses declined to AED585.4 million by the end of 2019, compared to AED614.2 that was recorded at the end of 2018, a substantial decrease of AED 28.9 million or 4.7 pc.

The Board of Directors proposed 5 pc cash dividends (0.05 AED per share) and 5 pc Bonus share on the paid capital (1 share for each 20 shares).