Sharjah Islamic Bank announces 33 per cent rise in net profits to reach AED 121.1 million for H1 2007

Net profits reached AED 121.1 million, compared to 91.3 million achieved in the same period last year, achieving a 33% increase.

The balance sheet grew by 20% since December 2006 with total Assets reaching AED 9.1 billion. Net customer receivables reached AED 5.4 billion rising by AED 877 million (or 19%) while customer deposits reached AED 5.4 billion, a 23% growth since Dec 2006.

Mohamed Abdullah, CEO of Sharjah Islamic Bank commented, "The first half results for 2007 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."

Sharjah Islamic Bank ratings have recently been upgraded by Capital Intelligence to BBB+ for foreign currency long-term ratings and A2 for the short-term ratings, from BBB and A3 respectively, with a stable outlook.