Sharjah Islamic Bank first-quarter profit nudges up 1%

Sharjah Islamic Bank posted a 1.3% rise in profit for the first three months of the year to 153.66 million dirhams ($41.84 million) compared to 151.75 million dirhams ($41.32 million) for the same quarter in 2019.

Total income dropped by 3.24% to 456.75 million dirhams versus 472.06 million dirhams for the first three months of 2019, the bank reported in a bourse filing on Sunday (Apr 26). But expenses came in 5.5% lower at 134.98 million dirhams from 142.86 million dirhams.

The bank said in a statement that it achieved the marginal rise in profit through its “continual focus over core banking operations”.

The bank’s non-performing loans ratio stands at 5% and the Group’s coverage ratio was 91.6% as at Mar 31.

Sharjah Islamic said that after assessments, it has concluded that “there has not been a significant increase in credit risk in the overall financing portfolio” amid the COVID-19 crisis.

Income from Islamic financing reached 423.9 million dirhams for the quarter, a drop of 3.3% compared to 438.5 million dirhams for the same period last year.

Total assets jumped 6.2% to 49.25 billion dirhams.

The bank earned 545.53 million dirhams ($148.54 million) in net profit last year, up 6.89% from 2018.

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