Sharjah Islamic Bank achieves record profit of Dhs651m

SHARJAH: Sharjah Islamic Bank (SIB) continues to achieve sustainable growth, recorded an increase of 26.6% in the net profit reaching Dhs 651 million for the year ended 31December 2022 compared to Dhs 514.1 million for the same period in 2021. The Bank also reported an increase in operating profits by 17.4%, reaching Dhs 998.3 million for the year ended 2022, compared to Dhs 850.7 million in the previous year.

SIB adopted a more adaptive and flexible strategy to face 2022 challenges, The continuous rise in global interest rates and inflation rates in addition to fierce competition in the business environment, our strategy led to strong financial results which confirming the bank’s success in efficiently and competently dealing with difficult circumstances, reflected on the bank’s performance indicators.

The growth in the bank’s net profit indicates a strong performance in all aspects of the bank’s business. As a result, the net income from financing and investment products increased by 10.9%, or Dhs 119.1 million, to reach Dhs 1.2 billion for the year of 2022, compared to Dhs 1.1 billion for the same period of 2021. While net fees, commissions and other income increased by 18.8% to reach Dhs 395.8 million, compared to Dhs 333.2 million for the same period of 2021.

Though general and administrative expenses increased slightly, by 5.9% compared to the previous year, amounting to Dhs 610.8 million for the year ended 2022 and Dhs 576.8 million for year ended 2021, efficiency ratio improved to 37.9% compared to 40.4% last year, as a result of the effective cost control policies.