SIB announces net profit of AED 149.2 million for H1

Sharjah Islamic Bank announced its 1st Half 2012 results yesterday with net profit of AED 149.2 million, compared to 123.3 million of the same period last year, showing a 21% increase. The balance sheet grew by 2.2% since December 2011 with total Assets reaching AED 18.1 billion. Net customer receivables reached AED 10.6 billion rising by AED 142.8 million (or 1.4%) while customer deposits reached AED 10.8 billion rising by AED 385.8 million (or 3.7%) growth since Dec 2011. Liquid assets were stable at AED 4.1 billion or 22.7 per cent of the Balance Sheet at the end of June 2012 compared to a similar 4.1 billion or 23.2 per cent of the balance sheet at the end of 2011. The Shareholder's equity Amounting to AED 4.4 billion, represents 24.2 per cent of the total balance sheet footing reflecting the bank's strong capital base and strong financial position that will enable the Bank to achieve its strategic objectives. Mohamed Abdullah, CEO of Sharjah Islamic Bank commented, 'The 1st half results for 2012 show strong financial performance in all aspects of the bank's core businesses as well as in its subsidiaries. This is a reflection of the success of the efforts undertaken to execute our strategic objectives."