Sharjah Islamic Bank (SIB) achieved a net profit of AED 290.5 million during the first half of 2019 compared to AED 283 million achieved during the same period last year, an increase of 3%. The Bank’s total assets reached AED 44.3 Billion at the end of the first half of this year.
On the assets side, total customer financing reached AED 24.7 Billion at the end of the first half of 2019 compared to AED 24.1 Billion at the end of 2018, an increase of AED 593.8 Million
The Bank has continued to pursue its conservative strategy of keeping the liquidity level above 20% of total assets. As a result, liquid assets reached AED 9.0 billion or 20.4% of total assets by the end of the first half 2019.
On the liabilities side, customer deposits stabilised during the year to reach AED 28.2 billion, settling at the same level as end of last year.
Net operating income reached AED 660.7 million at the end of the first half this year compared to AED 524.2 million in the same period of 2018, an increase of AED 136.5 million or 26%.
At the beginning of July 2019, SIB issued USD 500.0 Million Tier 1 Sukuk that received strong interest and attracted international investors from Singapore, Hong Kong and London. Subscriptions for these Sukuk reached USD 4.8 billion, which is a clear reflection of investor confidence on the Bank and its financial position.