Sharjah Islamic Bank third quarter profit up on higher financing income

Sharjah Islamic Bank posted a rise in net profit of 8.85 per cent to 124.87 million dirhams for the three months ending September 30 versus the same period last year.

The third quarter growth was supported by an 8.9 per cent increase in financing and sukuk income to 445.16 million dirhams, according to an exchange filing on Sunday.

For the nine-month period from December 31 last year, net profit climbed by 4.5 per cent to 415.4 million dirhams, propped up by a 16.28 per cent rise in financing income to 1.33 billion dirhams.

Sharjah Islamic said its customer financing book for the nine months to end-September reached 25.4 billion dirhams, a rise of 5.3 per cent from end-December 2018.

“[The] bank continued to improve its customer financing book, equally across corporate and retail sectors, maintaining the concentration in all sectors of the industry,” said Sharjah Islamic Bank in a statement.

The UAE bank’s balance sheet strengthened slightly by 1.99 per cent to 45.64 billion dirhams in assets at September 30 from the end of last year.

Customer deposits rose 1.56 per cent to 26.85 billion dirhams during this period.

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