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Sharjah Islamic Bank records AED 143.6 million in net profits

United Arab Emirates: Thursday, October 19 - 2006 at 09:28
PRESS RELEASE

Sharjah Islamic Bank announced today its net profits for the first nine months of 2006 that reached AED143.6 million compared to AED 143.5 for the same period last year.

Hussain Al Qemzi.

Net operating profit in the first nine months before the recoveries totaled AED 143.0 million compared to AED 118.2 million for the same period last year, a growth of 21% or AED 24.8 million.

The bank also reported a 28% rise in total assets, from AED 5.3 billion at the end of last year it now amounts to AED 6.8 billion this year.

Receivables grew by 21% (AED 711 million) touching AED 4.2 billion, and investments were up by 34% (AED 147 million) reaching AED 575 million. Customer deposits also experienced a growth of 51% (AED 1.5 billion), recording a total of AED 4.4 billion.

"We are seeing the rewards of our aggressive expansions in corporate, retail, and investment banking. Our customers and shareholders rely on the bank's innovative strategies and it is our continuing goal to deliver a very good performance,"

commented SIB CEO Hussain Al Qemzi.

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Related site: http://www.sib.ae

Posted by Anne-Birte Stensgaard, Senior News Editor
Thursday, October 19 - 2006 at 09:28 UAE local time (GMT+4)

Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.

This article was updated on Sun Jun 17 2007.

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Sharjah Islamic Bank records AED 143.6 million in net profits

Sharjah Islamic Bank announced today its net profits for the first nine months of 2006 that reached AED143.6 million compared to AED 143.5 for the same period last year.

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