2024-04-22 16:06:53
Sharjah Islamic Bank confirmed an increase in its net profit of 22.5% to reach 285.4 million dirhams in the first quarter of 2024, compared to 233.1 million dirhams for the same period in 2023, before calculation of taxes, to reach 259.7 million dirhams following deduction of taxes by the end of the first quarter of 2024.
Sharjah 24 – WAM:
Sharjah Islamic Bank announced an increase in its net profit of 22.5%, to reach 285.4 million dirhams for the first three months of 2024, compared to 233.1 million dirhams for the same period of the previous year. , before calculation of taxes, to reach 259.7 million dirhams following deduction of taxes at the end of the first quarter of 2024, with an increase in capacity of 11.4%.
The bank indicated in a press release that revenues from financing and investment products increased by 23.5%, an increase of 163.5 million dirhams, to reach 858.1 million dirhams under the first quarter of 2024, compared to 694.6 million dirhams for the same period of the previous year. , while net fees, commissions and other income increased by 20.4%, to reach 136.7 million dirhams, compared to 113.5 million dirhams for the same period of the previous year.
The press release explains that general and administrative expenses amounted to 174.3 million dirhams, at the end of the first quarter of 2024, compared to 156.1 million dirhams, for the same period in 2023, an increase of 18.2 million dirhams, with a notable improvement in the ratio of expenses to income to reach 34.5% compared to 34.7% at the end of the previous year.
In response to operational risks, the bank increased its allocations by an amount of 45.0 million dirhams, for the quarter ended March 31, 2024, compared to the same period of the previous year which amounted to 94.7 million dirhams.
The bank’s balance sheet stabilized at total assets of 70.1 billion dirhams, as of March 31, 2024, up 4.2 billion dirhams, equivalent to 6.4% compared to the end of the year. previous year, for an amount of 65.9 billion dirhams. The bank continued to hold its own. a strong liquidity ratio, reaching 15.3 billion dirhams at a rate of 21.8% of total assets, compared to 20.8% of total assets, at the end of the previous year.
The bank continued to diversify its financing portfolio in different economic sectors, while total customer financing stabilized to reach 33.4 billion dirhams, up slightly by 334 million dirhams, or 1%. , since the end of the previous year which amounted to 33.0 billion dirhams. , by following a wise credit policy which takes into account all economic issues. The ratio of investments in Islamic finance to customer deposits reached a good level of 74.0%, in line with the strategic objectives of the administration.
Total investments in securities increased by 2.1 billion dirhams, or 15.4%, to reach 15.6 billion dirhams, compared to 13.5 billion dirhams at the end of the previous year.
The percentage of non-performing financing compared to the bank’s total customer financing reached 5.5% as of March 31, 2024, compared to 5.6% at the end of the previous year, in line with conservative risk management policies , following a prudent approach in allocations to non-performing financing, and the improvement in the coverage rate, since the coverage rate reached 95.8% as of March 31, 2024, compared to 93.8% at the end of the year former.
Customer deposits stabilized during the first quarter, reaching 45.1 billion dirhams, compared to 45.2 billion dirhams at the end of the previous year.
Sharjah Islamic Bank has a solid capital base, with total shareholders’ equity at the end of last March amounting to 8.1 billion dirhams, representing 11.5% of the bank’s total assets. . Thus, the bank maintained the quality of capital adequacy. ratio in accordance with Basel III decisions at the level of 17.7%.
The return on assets rate and the return on equity rate increased significantly, reaching 1.53% and 12.84% following tax, respectively, from 1.36% and 10.81% at the end of the previous year.
1713804217
#million #dirhams #Islamic #profits #Sharjah #quarter
