Sharjah Islamic Bank (SIB) announced an increase in its net profit before tax by 22.5 percent, amounting to AED285.4 million for the first quarter 2024, compared to AED233.1 million for the same period of the previous year, whereas, net profit after tax amounted AED259.7 million, an increase of 11.4 percent.

The overall revenue increase is due to the SIB's strong core performance; focus on the Bank’s customer-centric approach and multiple new high-profit-oriented customised products.

Total income on financing and investment products increased by 23.5 percent, equivalent to an increase of AED163.5 million, to reach AED858.1 million for the first quarter of 2024, compared to AED694.6 million for the same period last year. Net fees, commissions and other income increased by 20.4 percent to reach AED136.7 million, compared to AED113.5 million for the same period in the previous year.

The general and administrative expenses amounted to AED174.3 million at the end of the first quarter of 2024, compared to AED156.1 million for the same period in 2023; a marginal increase of AED18.2 million but an improved cost-to-income ratio of 34.5 percent compared to 34.7 percent for last year.

In the face of ongoing operational risks, the Bank increased its provisions by AED45.0 million for the three-month period ending 31st March, 2024, compared to AED94.7 million for the same period in 2023. The total assets of the Bank stood at AED70.1 billion, compared to AED65.9 billion at the year-end 2023, with an increase of AED4.2 billion or 6.4 percent.

The SIB has continued to maintain strong liquidity, which amounted to AED15.3 billion, at a rate of 21.8 percent of the total assets, compared to AED13.7 billion, or 20.8 percent of the total assets at the end of the previous year.