#Sharjah Islamic Bank posts 1.3% increase in net profits to $41.9m - Arabianbusiness

Sharjah Islamic Bank posts 1.3% increase in net profits to $41.9m - Arabianbusiness:

Sharjah Islamic Bank (SIB) has posted strong results for the first quarter of 2020, despite the economic crisis caused by the current coronavirus pandemic.

The bank has revealed net profits of AED153.7 million ($41.9m) for Q1, a 1.3 percent increase compared to the AED151.7m ($41.3m) announced in 2018, according to a report by Emirates News Agency (WAM).

Total assets reached AED49.3 billion ($13.4bn) at the end of March 2020, a 6.2 percent increase in comparison to AED46.4bn ($12.6bn) recorded at the end of 2019, while liquid assets reached AED9.7bn ($2.6bn) or 19.8 percent of total assets at the end of March 2020.