SIB proposes 10pc dividend as profit up
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.