Sharjah Islamic Bank has reported impressive financial results for the first half of 2023, showcasing significant growth in critical areas. The bank’s operating profit before provisions surged by 31 percent. It also reached Dh648.7 million, compared to Dh497.2 million in the same period the previous year.

The net profit for the first half ended June 30, 2023, showed a remarkable increase of 36.7 percent. It rose from Dh361.9 million in the corresponding period last year to Dh494.6 million.

One of the major contributors to this success was the net income from financing and investment products, which witnessed a remarkable 22 percent growth, reaching Dh716.7 million, as opposed to Dh587.3 million in the same period last year. Furthermore, net fees, commissions, and other income also played a crucial role, rising by 34.6 percent to reach Dh247.8 million.

Despite an increase in general and administrative expenses to Dh315.7 million (compared to Dh274.3 million in the same period in 2022), the bank improved its cost-to-income ratio to 32.7 percent. It symbolizes a significant improvement from the 38.0 percent recorded last year.

Sharjah Islamic Bank’s balance sheet demonstrated stability, reaching Dh61.1 billion, indicating a growth of Dh1.9 billion or 3.3 percent from the end of December 2022. Additionally, the bank’s customer deposits increased to Dh42.1 billion. It reflects a rise of Dh2.6 billion or 6.6 percent compared to the year-end of 2022.

While there was a growth in net impairment provisions, amounting to Dh154.2 million, it marks a relatively reasonable increase of 14 percent from the previous period’s Dh135.3 million.

Sharjah Islamic Bank’s performance in the first half of 2023 signals positive growth and stability, showcasing its commitment to delivering strong financial results to its stakeholders.

Reference/Thanks/Source: https://gulfnews.com/