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).
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