SIB’s net profit up 25 per cent at Dhs697.2 million in first half

Sharjah Islamic Bank (SIB) achieved a strong financial performance during the first half of 2025, achieving a net profit after tax of Dhs697.2 million, an increase of 25 per cent compared to Dhs558.7 million in the first half of 2024.

Income from investments in Islamic financing and sukuk grew by Dhs113.6 million, or 6.4 per cent, reaching Dhs1.9 billion in the first half of 2025, compared to Dhs1.8 billion in the first half of 2024.

Meanwhile, total distributions to depositors and Sukuk holders amounted to Dhs1.1 billion, compared to Dhs1.0 billion, reflecting the Bank’s stability in net income and its ability to balance financing growth with an equitable profit distribution mechanism that aligns with Sharia principles.

It also demonstrates SIB’s resilience in maintaining consistent income even in the face of volatile funding costs and competitive pricing pressures in the market.

Sharjah Islamic Bank continues to emphasise the diversification of its revenue base, as evidenced by a significant growth in the net fee and commission income which rose sharply by 53.5 per cent to Dhs276.0 million in the first half of 2025, up from Dhs179.8 million in the first half of 2024.

As a result, the Bank recorded total operating income of Dhs1.2 billion, an increase of Dhs133.5 million, or 13.0 per cent, compared to Dhs1.0 billion in the same period last year. This upward trend reflects SIB’s ability to maintain stable operating income in a challenging economic environment while effectively capitalizing on opportunities across various economic sectors.

Total general and administrative expenses for the first half of 2025 amounted to Dhs405.4 million, an increase of 16.9 per cent compared to Dhs346.9 million in the same period of 2024. This rise is mainly attributed to the Bank’s continued investment in human capital, technology, and operational infrastructure to support business expansion and improve customer service.

Despite the increase in expenses, the Bank’s net operating income before impairment provisions reached Dhs757.2 million, compared 2025, a 25 per cent increase

Sharjah Islamic Bank (SIB) achieved a strong financial performance during the first half of 2025, achieving a net profit after tax of Dhs697.2 million, an increase of 25 per cent compared to Dhs558.7 million in the first half of 2024.

Income from investments in Islamic financing and sukuk grew by Dhs13.6 million, or 6.4 per cent, reaching Dhs1.9 billion in the first half of 2025, compared to Dhs1.8 billion in the first half of 2024. Meanwhile, total distributions to depositors and Sukuk holders amounted to Dhs1.1 billion, compared to Dhs1.0 billion, reflecting the Bank’s stability in net income and its ability to balance financing growth with an equitable profit distribution mechanism that aligns with Sharia principles. It also demonstrates SIB’s resilience in maintaining consistent income even in the face of volatile funding costs and competitive pricing pressures in the market.

Sharjah Islamic Bank continues to emphasise the diversification of its revenue base, as evidenced by a significant growth in the net fee and commission income which rose sharply by 53.5 per cent to Dhs276.0 million in the first half of 2025, up from Dhs179.8 million in the first half of 2024. As a result, the Bank recorded total operating income of Dhs1.2 billion, an increase of Dhs33.5 million, or 13.0 per cent, compared to Dhs1.0 billion in the same period last year. This upward trend reflects SIB’s ability to maintain stable operating income in a challenging economic environment while effectively capitalising on opportunities across various economic sectors.

Total general and administrative expenses for the first half of 2025 amounted to Dhs405.4 million, an increase of 16.9 per cent compared to Dhs346.9 million in the same period of 2024. This rise is mainly attributed to the Bank’s continued investment in human capital, technology, and operational infrastructure to support business expansion and improve customer service. Despite the increase in expenses, the Bank’s net operating income before impairment provisions reached Dhs757.2 million, compared to Dhs682.1 million in the first half of 2024, reflecting a 11.0 per cent increase, which shows the Bank’s ability to absorb cost pressures while maintaining stable profitability, reinforcing its operational efficiency and sound financial management.

Meanwhile Sharjah Islamic Bank (SIB) was awarded the Sharjah Excellence Award (SEA) in the ‘Sharjah Gulf Excellence’ category for its 2024 edition, organised by the Sharjah Chamber of Commerce and Industry. This recognition comes in appreciation of the SIB’s significant initiatives and institutional achievements, which have played a key role in cementing its position as one of the leading banking institutions in the UAE and the region. This honour follows the recent inclusion of the bank in the “Top 100 Companies in the Middle East for 2024” list, according to Forbes magazine, a clear indication of its strong institutional performance and its sustainable and innovative business model.