Sharjah Islamic Bank achieves net profit of AED272m

Sharjah Islamic Bank's (SIB) General Assembly hailed the significant role played by H. H Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Chairman of Sharjah Islamic Bank, during his 18 year tenure as a Chairman since 1995 and accepted his apology for being unable to continue as a Chairman of SIB. The bank's General Assembly also approved the financial results for the fiscal year ended December 31, 2012, and approved the Board's proposal of distributing 6 per cent cash dividends, amounting AED145.5 billion. This statement was made during 37th meeting of the General Assembly, which was held at the Sharjah Chamber of Commerce and Industry's headquarters to present the annual report and most important financial results of 2012. Sheikh Sultan appreciated the results achieved by the bank and thanked the Board of Directors and the employees for their outstanding efforts as well as the shareholders for their significant contribution to the bank's various successes. The annual report detailing the most important financial results for 2012 was presented during the board meeting. Sharjah Islamic Bank achieved a net profit of AED272 million, an 8 per cent growth as compared to the AED251.1 million achieved in 2011. The Board of Director suggested a cash dividend of 6 per cent of the nominal value of shares, amounting AED145.5 million for 2012. The Sharjah Islamic Bank's balance sheet grew with total assets of AED18.3 billion in 2012, compared to AED17.7 billion in 2011, making an increase of 3 percent. Total liquid assets reached AED4.2 billion which represents 23 per cent of the total assets. Net customer receivables reached AED10.7 billion compared to AED10.4 billion in 2011, with a growth of 3 per cent, reflecting the bank's conservative policy in the light of changes and risks in various economic sectors. Customer deposits reached AED11.3 billion by end of 2012, 9 per cent growth as compared to the AED10.4 billion which was reported in 2011. Total shareholder equity amounted AED4.4 billion, equivalent to 24 per cent of the total assets, reflecting the bank's strong financial position and its ability to achieve its strategic goals and expand its activities locally and internationally. As part of the extraordinary general assembly's agenda, the assembly approved to authorising the Board of Directors to take all the necessary measures to facilitate the issuance of the bank's non-transferable long term Sukuk. Sharjah Islamic Bank was assigned BBB+ from Fitch Ratings, Standard '&' Poor's Ratings Services and Capital Intelligence. The bank continued its string of awards, with the prestigious Sheikh Khalifa Excellence Award. Sharjah Islamic Bank was honoured with "The Best Contribution to the Mediterranean by Islamic Bank" award at the MIM Mediterranean Awards for Excellence 2012. In addition, the bank won Best Customer Experience Provider in the Middle East. During the tenure of H. H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi as a Chairman of Sharjah Islamic Bank from 1995 to 2012, the bank was able to grow in total assets from AED775 million to AED18 billion, net customer receivables from AED525 million to AED11 billion, and customer deposits from AED567 million in 1995 to AED11 billion in 2012. Capital crew from AED80 million to AED2.4 billion, shareholder equity from AED150 million to AED4.4 billion, and net profit from AED28 million to AED272 billion. The bank continues to contribute to supporting national projects in economic and government sectors and to developing infrastructure and supporting the various national and humanitarian initiatives.