Sharjah Islamic Bank maintains quarterly profit run
UAE’s Sharjah Islamic Bank posted 102.18 million dirhams ($27.8 million) in profit for the third-quarter, down 18% compared to 124.866 million dirhams year-on-year.
In a pandemic year, the bank announced 353.4 million dirhams profit for the nine months from January through September, a decrease of 14.9% compared to the same period last year.
The drop is largely due to the increase in provisions during the nine months by 101.1 million, as the bank paid out 151.4 million compared to 50.3 million in the same period of 2019, it said on Wednesday (Oct 21).
“Higher provisions taken are a result of prudent forward looking provision coverage considering the economic slowdown owing to pandemic outbreak,” said the bank.
Here are key numbers comparing nine-month performance for Sharjah Islamic Bank as well as Emirates Islamic and Dubai Islamic Bank that reported their earnings a day earlier:
|
‘000 dirhams |
Emirates Islamic |
Dubai Islamic Bank |
Sharjah Islamic Bank |
|
Net profit |
(311,238) |
3,124,488 |
353,382 |
|
Total income |
1,573,571 |
9,891,748 |
1,362,311 |
|
Financing |
41,039,648 (Financing receivables) |
197,436,356 (Islamic financing and investing assets, net) |
29,536,5,715 (Net investment in Islamic financing) |
|
Customer deposits |
45,869,737 |
214,642,324 |
32,604,694 |
|
Assets |
70,120,861 |
299,303,470 |
53,332,007 |
|
Non-performing financing ratio |
8.3% |
4.8% |
5.7% |
|
Data source: Respective banks’ earnings statements |
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