UAE’s Sharjah Islamic Bank H1 profit slumps on higher provisions
Sharjah Islamic Bank’s first-half earnings were hit by higher provisions as second-quarter profit slumped by 29.72% compared to the same three months last year.
It performed better in the first-quarter year-on-year when it saw a 1.3% increase in in profit to 153.66 million dirhams.
The bank on Wednesday (July 22) reported 97.542 million dirhams ($26.56 million) in profit for the three months ending June 30 compared to a higher 138.797 million dirhams for the same period in 2019.
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