651 million dirhams, the net profit of “Sharjah Islamic” by the end of 2022

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Abu Dhabi – Live: At the end of 2022, Sharjah Islamic Bank continued to achieve sustainable growth, as its net profit increased by 26.7%, and net profit amounted to 650.9 million dirhams for the year ending on December 31, 2022.

These profits are the highest since the bank’s establishment, compared to 514.1 million dirhams from the previous year, according to the Emirates News Agency, WAM.

Its operating profits increased by 17.4%, amounting to 998.3 million dirhams, compared to 850.7 million dirhams from the previous year.

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The Board of Directors of Sharjah Islamic Bank approved a proposal for cash dividends of 10% of the capital and 5% bonus shares, provided that this proposal is submitted to the General Assembly for discussion and approval at its next meeting.

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The growth in the bank’s net profits indicates the strong performance in all aspects of the bank’s business, as net revenues from financing and investment products increased by 10.9%, equivalent to an increase of 119.1 million dirhams, to reach 1.2 billion dirhams for this year compared to 1.1 billion dirhams from the previous year, while the net income increased Fees, commissions and other income increased by 18.8% to reach 395.8 million dirhams, compared to 333.2 million dirhams for the previous year.

At the level of general and administrative expenses, they increased by a slight amount compared to the previous year, and amounted to 610.8 million dirhams at the end of 2022, compared to 576.8.5 million dirhams for 2021, an increase of 34.0 million dirhams, or the equivalent of 5.9%. As a result of the policies used to control costs, the cost-to-income ratio improved. To reach 37.9%, compared to 40.4% from the previous year.

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