Sharjah Islamic Bank Profits increased by 160%

Sharjah Islamic Bank has reported a net profit of 98.4 million for the first half of 2005, a 160% increase compared to 37.9 million net profit for the same period last year.

The Bank reported an increase of total assets of Dh. 1.3 billion since the end of 2004, an increase of 39%, to reach Dh. 4.8 billion. Financing receivables grew by Dh. 1.1 billion, 45%, to reach Dh. 3.5 billion. Also investments increased by Dh. 152 million, 147%, to reach Dh. 256 million. Shareholders equity was up by Dh. 1.3 billion, 183%, to reach Dh. 2 billion. Customer deposits grew by Dh. 185 million to reach Dh. 2.7 billion.

"The first half results reflect to a great extent the Bank’s outstanding performance during the first half of the year that in return has a positive effect on the Banks profitability ratios and return on equity especially after the capital increase" said Hussain Al Qemzi, CEO of Sharjah Islamic Bank.
Hussain Al Qemzi added: "by achieving these results, we are confident that the Bank is moving in the right direction towards achieving its strategic objectives and our commitment to deliver the best returns to our valuable shareholders".