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Sharjah Islamic Bank announces a 67% rise in net profits to reach Dhs287.1m for the first nine months of 2008

  • United Arab Emirates: Saturday, October 25 - 2008 at 11:58
  • PRESS RELEASE

Sharjah Islamic Bank announced its 3rd quarter 2008 results yesterday with net profit of Dhs287.1m, compared to 171.8m achieved in the same period last year, achieving a 67% increase. Net profit before distribution to depositors reached 458.5m a 58% increase compared to 289.8m for the same period last year.

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The balance sheet grew by 48% since December 2007 with total Assets reaching Dhs16.1bn. Net customer receivables reached Dhs10bn rising by Dhs3.5bn (or 53%) while customer deposits reached Dhs8.3bn,18% growth since December 2007.

Mohamed Abdullah, CEO of Sharjah Islamic Bank commented,
"Sharjah Islamic bank's excellent financial results for the first nine months of 2008 demonstrate the success of the bank's strategy to diversify its sources of revenue and provide long term sustainability and strong foundations for the future. These achievements are the outcome of a dedicated SIB team and a supportive board of directors."


Sharjah Islamic Bank ratings have recently been upgraded by Capital Intelligence to A- for foreign currency long-term ratings and A2 for the short-term ratings, from BBB+ and A3 respectively.
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Husam Odiabat Posted by Husam Odiabat
Saturday, October 25 - 2008 at 11:58 UAE local time (GMT+4)

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