Complex Made Simple

Sharjah Islamic Bank profit up by 2.4%

Sharjah Islamic Bank has said its net profit for 2010 rose 2.4% to Dhs266.4m from Dhs260.1m in 2009. The total balance sheet grew 4.3% to Dhs16.7bn, mainly due to the increases of customer's deposits by Dhs518m (5.3%) to Dhs10.4bn, while customer's financing portfolio decreased by Dhs368m (3.7%) to Dhs9.7bn. The lender proposed a cash dividend of Dhs169.8m, or 7% of its paid up capital.