#Sharjah Islamic Bank's net profit up 26.7% in 2021 | ZAWYA MENA Edition

Sharjah Islamic Bank's net profit up 26.7% in 2021 | ZAWYA MENA Edition

Sharjah Islamic Bank reported on Wednesday a 26.7 percent increase in net profit for 2021 on the back of a stable growth strategy.

Net profit for the 12 months ended December 31, 2021 reached 514.1 million dirhams ($139.9 million), compared to 405.8 million a year earlier, the UAE-based lender said in a filing to the Abu Dhabi Securities Exchange (ADX).

Total assets also amounted to 55 billion dirhams, up by 2.5 percent year-on-year, while customer deposits reached 38.5 billion dirhams, up by 14.5 percent or 4.9 billion dirhams from 33.6 billion dirhams in the previous year.

“SIB has been successfully pursuing a strategy of stable growth in financial position,” the lender said.

Liquid assets, pegged at 14.3 billion dirhams, now make up 26.1 percent of the lender’s total assets, compared to 20.9 percent for the year ended 2020.

Net investment in Islamic financing of the bank amounted to 29 billion dirhams, posting a slight decrease of 0.9 percent or 259.5 million dirhams compared to a year earlier.

Investment in Islamic financing to customer deposits ratio stood at 75.4 percent, which is in line with the bank’s strategic objectives.