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Sharjah Islamic Bank profit falls

DUBAI — Sharjah Islamic Bank (SIB) net profit for the first three months of the year fell by over 20 per cent, compared to the same period last year, the bank announced on Sunday.

The bank declared a net profit of Dh67.5 million for the first quarter, compared with Dh85 million it earned during the first three months of 2009, according to the bank.

The balance sheet grew since December 2009 with total assets reaching Dh16.2 billion compared with Dh16 billion. Total liquid assets increased by Dh365 million 11 per cent to reach Dh3.5 billion, represents 22 per cent of total assets compared to Dh3.2 billion 20 per cent of total assets at December 2009 and customer deposits reached Dh10.1 billion, compared with Dh9.9 billion since December 2009.

While net customer receivables reached Dh9.7 billion compared to Dh10 million on December 2009. Total shareholder equity amounting to Dh4.2 billion represents 26 per cent of the total assets reflecting the bank’s strong capital base and strong financial position that will enable the bank to achieve its strategic objectives. — abdulbasit@khaleejtimes.com