Assets rise to Dh16.4b in second quarter, up from Dh15.97b

SIB reports Dh118.5 million first half net profit

Sharjah Sharjah Islamic Bank (SIB) reported a net profit of Dh118.5 million for the first half of the year compared to Dh151.73 million in the same period last year.

For the second quarter of the year, the bank’s net profit was Dh50.98 million compared to Dh66.75 million during the same quarter last year.

SIB’s total income for the first half the year was Dh426.9 million down 3.37 per cent from the first half of last year while the net operating income before profit distributed to depositors during the first six month of the year was 288.35 million compared to Dh313.03 during the same period last year.

Recoveries

The bank reported provisions net of recoveries at Dh25.59 million during the first half of the year while it amounted to Dh23.71 million in the second quarter of this year compared to Dh2.9 million in the second quarter of last year.

The bank’s total assets reached Dh16.4 billion at the end of the second quarter from Dh15.97 billion at the close last year, while its total liquid assets were at Dh3.6 billion representing 22 per cent of total assets.

While the bank reported net customer receivables of Dh9.9 billion, its financing receivables were at Dh2.34 billion at the end of the second quarter compared to Dh2.61 billion at year-end 2009.

Total customer deposits during the first half of the year was up marginally from Dh9.86 billion at the end of last year to Dh9.97 billion at the end of the second quarter.