SIB’s net operating profit rises 17.1% in Q1

Sharjah Islamic Bank (SIB) announced an increase in its operating profit before provisions by 17.1%, amounting to Dhs248.5 million for the first quarter 2022, compared to Dhs212.2 million for the same period of the previous year. Net profit amounts to Dhs187.0 million for the quarter ended 31 March 2022 compared to Dhs164.2 million for the same period of the previous year, an increase of 13.9%.

The Bank recorded an increase in net impairment provisions amounting to Dhs61.5 million, compared to Dhs48.0 million for the previous period, an increase of Dhs13.5 million or 28.0%. Overall revenue increase are a result of UAE economic rebound amid inflationary pressures world over, Bank’s focused customer centric approach and multiple new high profit oriented customer products.

Net income on financing and investment products increased by 11.6%, equivalent to an increase of Dhs30.6 million, to reach Dhs293.8 million for the first quarter of 2022, compared to Dhs263.2 million for the same period last year, whereas, net fees, commissions and other income increased by 14.4% to reach Dhs92.0 million, compared to Dhs80.5 million for the same period in the previous year.

Where the general and administrative expenses amounts to Dhs135.8 million at the end of the first quarter of 2022, compared to Dhs131.4 million for the same period in 2021; a marginal increase of Dhs 4.4 million but an improved cost to income ratio of 35.3%. The balance sheet of the bank stabilized at an amount of Dhs54.7 billion, at the same level of 31 December 2022.

WAM