Sharjah Islamic Bank reports net profits of AED 91.3 million for first half of 2006

Net operating profit in the first half before the recoveries increased by 29% (AED 20.9 million) to reach AED 92.6 million compared to AED 71.7 million for the same period last year.

The bank also reported a 13% rise in total assets, from AED 5.3 billion at the end of last year to reach AED 6.0 billion this year.

Receivables grew by 6% (AED 203 million) to reach AED 3.7 billion, and investments were up by 29% (AED 124 million) to reach AED 551 million. Customer deposits also experienced a growth of 27% (AED 793 million) to reach AED 3.7 billion.

"The banking sectors had difficulties and witnessed many local and regional changes of negative effects on the financial market performance in general. Despite the difficult prevailing market conditions the bank achieved good balanced and increasing growth in operating profit over the same period last year," commented SIB CEO Hussain Al Qemzi.