SIB pro­poses 10pc div­i­dend as profit up

The Pak Banker - - COMPANIES/BOSS -

Shar­jah Is­lamic Bank (SIB) to­day said its 2015 net profit rose nine per cent to Dh409.9 mil­lion from Dh377.2 mil­lion in the same cor­re­spond­ing pe­riod. The board of di­rec­tors pro­pose 10 per cent cash div­i­dend for share­hold­ers.

The bank's to­tal op­er­at­ing in­come reached at Dh1.3 bil­lion in 2015 com­pared to Dh1.1 bil­lion in 2014, re­flect­ing an in­crease of 15.5 per cent. The bank's other in­come from com­mis­sions, in­vest­ments, sub­sidiaries and other op­er­at­ing rev­enues in­creased by 39.3 per cent to reach Dh692.2 mil­lion last year com­pared to Dh497.2 mil­lion in 2014.

The bal­ance sheet re­flects the bank's strong per­for­mance as its to­tal as­sets climbed 14.9 per cent at Dh29.9 bil­lion at the end of De­cem­ber 2015 com­pared to Dh26 bil­lion at the end of 2014. The bank's liq­uid as­sets reached at Dh6.9 bil­lion, or 23.1 per cent of to­tal as­sets, at the end of De­cem­ber 2015. Mo­hammed Ab­dul­lah, chief ex­ec­u­tive of SIB, said that th­ese re­sults re­flect the suc­cess of the group's strat­egy to achieve steady and sta­ble growth across all op­er­a­tions de­spite the volatil­ity in global and do­mes­tic mar­kets.

The bank con­tin­ued to pro­vide fi­nanc­ing fa­cil­i­ties to large com­pa­nies and SME'S in dif­fer­ent eco­nomic sec­tors. Fi­nanc­ing fa­cil­i­ties reached at Dh16.4 bil­lion, an in­crease of Dh1.9 bil­lion, or 13 per cent, com­pared to Dh14.5 bil­lion in 2014.

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