Sharjah Islamic Bank confirmed an increase in its net profits by 22.5% to 285.4 million dirhams in the first quarter of 2024, compared to 233.1 million dirhams for the same period in 2023, before taxes, to 259.7 million dirhams to be reached after taxes by the end of the first quarter of 2024.
Sharjah 24 – WAM:
Sharjah Islamic Bank announced an increase in its net profits by 22.5%, reaching 285.4 million dirhams for the first three months of 2024, compared to 233.1 million dirhams for the same period of the previous year, before taxes , to subsequently reach 259.7 million dirhams. withdrawal of taxes at the end of the first quarter of 2024, with an increase in capacity A of 11.4%.
The bank indicated in a statement that income from financing and investment products increased by 23.5%, an increase of 163.5 million dirhams, to 858.1 million dirhams for the first quarter of 2024, compared to 694.6 million dirhams for the same period of the previous year, while net fees, commissions and other income increased by 20.4%, reaching 136.7 million dirhams, compared to 113.5 million dirhams for the same period of the previous year.
The statement explained that general and administrative expenses amounted to 174.3 million dirhams, at the end of the first quarter of 2024, compared to 156.1 million dirhams, for the same period in 2023, an increase of 18.2 million dirhams, with an obvious improvement in the ratio of costs to income to reach 34.5% compared to 34.7% for the End of the previous year.
In response to operational risks, the bank increased its allocations by an amount of 45.0 million dirhams, for the three months that ended on March 31, 2024, compared to the same period of the previous year, which amounted to 94.7 million dirhams.
The bank’s balance sheet settled at a total asset of 70.1 billion dirhams, as of March 31, 2024, an increase of 4.2 billion dirhams, equivalent to 6.4% over the end of the previous year, amounting to 65.9 billion dirhams a strong liquidity ratio , reaching 15.3 billion dirhams at a rate of 21.8% to total assets, compared to 20.8% of total assets, at the end of the previous year.
The bank continued to diversify its financial portfolio in various economic sectors, as total customer financing was stable to 33.4 billion dirhams, a slight increase of 334 million dirhams, or 1%, from the end of the previous year, which amounted to 33.0 billion dirhams. , by following a wise credit policy that takes into account all economic challenges The ratio of investments in Islamic finance to consumer investments reached a good level of 74.0%, according to the strategic goals of the administration.
Total investments in securities increased by 2.1 billion dirhams, or 15.4%, to reach 15.6 billion dirhams, compared to 13.5 billion dirhams at the end of the previous year.
The percentage of non-performing financing to the bank’s total customer finance reached 5.5% on March 31, 2024, compared to 5.6% at the end of the previous year, in line with conservative risk management policies, following a prudent approach to regarding allowances on non-performing financing, and improving the coverage ratio, as the coverage ratio reached 95.8% for March 31, 2024, compared to 93.8% at the end of the previous year.
Customer deposits stabilized in the first quarter, reaching 45.1 billion dirhams, compared to 45.2 billion dirhams at the end of the previous year.
The Islamic Bank of Sharjah has a strong capital base, as the total shareholders’ equity, at the end of March last year, amounted to 8.1 billion dirhams, which represents 11.5% of the bank’s total assets. that, the bank maintained the quality of capital adequacy ratio in accordance with the decisions of Basel III at the level of 17.7%.
The rate of return on assets and the rate of return on equity increased significantly at 1.53% and 12.84%, respectively, after taxes, compared to 1.36% and 10.81% at the end of the previous year.
2024-04-22 16:06:53
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