Sharjah Islamic Bank, a Sharia-compliant lender, said its first-quarter profit advanced 30 per cent as banks in the UAE continue to reap the benefits of an economic turnaround that began in earnest last year.
Net income rose to Dh110 million compared with Dh84.8m in the same period the previous year, the Sharjah-based bank said. Net loans advanced 6.4 per cent to Dh13.3 billion, rising by Dh803.3m since December 2013, it said.
Customer deposits gained 3 per cent to Dh12.3bn, advancing Dh355.8m since the end of last year, it said. The bank’s total assets rose 1.8 per cent Dh22.1bn since the last quarter.
“The first quarter results are a positive indicator for the year ahead,” Mohamed Abdullah, the chief executive of SIB, said in a statement. “As the bank continues to achieve its growth plans and future strategy, SIB has positioned itself to benefit from the positive future economic outlook to achieve the best results and strengthen its financial position.”
SIB shareholder’s equity of Dh4.4bn represents 19.9 per cent of the total balance, it said. The bank’s “strong capital base and strong financial position” puts the bank in a position to achieve its strategic objectives, the statement said. It didn’t elaborate.
mkassem@thenational.ae
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