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Sharjah Islamic Bank Profit Up 67 pc

SHARJAH - Sharjah Islamic Bank announced its third quarter 2008 results on Wednesday with net profit of Dh287.1 million, compared with Dh171.8 million achieved in the same period last year, showing a 67 per cent increase, says a Press release.

Net profit before distribution to depositors reached 458.5 million a 58 per cent increase, compared with 289.8 million for the same period last year.

The balance sheet grew by 48 per cent since December 2007 with total Assets reaching Dh16.1 billion. Net customer receivables reached Dh10 billion rising by Dh 3.5 billion (or 53 per cent) while customer deposits reached Dh 8.3 billion, 18 per cent growth since Dec 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, the release said.