Sharjah Islamic Bank (SIB) has announced an increase in its operating profit before provisions by 17.1 percent, amounting to AED 248.5 million ($67.65million) for the first quarter 2022, compared to AED 212.2 million for the same period of the previous year.
Net profit amounts to AED 187.0 million for the quarter ended 31 March 2022 compared to AED 164.2 million for the same period of the previous year, an increase of 13.9 percent.
The bank said it recorded an increase in net impairment provisions amounting to AED 61.5 million, compared to AED 48.0 million for the previous period, an increase of AED 13.5 million or 28 percent.
Overall revenue increase are a result of UAE economic rebound amid inflationary pressures world over, bank’s focused customer centric approach and multiple new high profit oriented customer products, it added.
Net income on financing and investment products increased by 11.6 percent, equivalent to an increase of AED 30.6 million, to reach AED 293.8 million for the first quarter of 2022, compared to AED 263.2 million for the same period last year, whereas, net fees, commissions and other income increased by 14.4 percent to reach AED 92.0 million, compared to AED 80.5 million for the same period in the previous year.
Where the general and administrative expenses amounts to AED 135.8 million at the end of the first quarter of 2022, compared to AED 131.4 million for the same period in 2021, a marginal increase of AED 4.4 million but an improved cost to income ratio of 35.3 percent.
The SIB said it continued to maintain a strong liquidity, which amounted to AED 12.3 billion, at a rate of 22.4 percent to the total assets, compared to AED 14.3 billion, or 26.1 percent of the total assets at the end of the previous year.
Investment in Islamic financing to customer deposits ratio stands at strong 77.86 percent and in line with management’s strategic objectives.
