Sharjah Islamic Bank achieves record net profits of AED 841.5 million

Sharjah Islamic Bank achieves record net profits of AED 841.5 million

SHARJAH/WAM The Sharjah Islamic Bank (SIB) registered robust growth, achieving a 31 percent surge in net profits to AED 841.5 million in 2023, compared to AED 650.9 million in 2022. Operating profits also witnessed a 23 percent rise, reaching AED 2 billion for 2023, up from AED 1.6 billion in the previous year. The net ...

SHARJAH/WAM

The Sharjah Islamic Bank (SIB) registered robust growth, achieving a 31 percent surge in net profits to AED 841.5 million in 2023, compared to AED 650.9 million in 2022.

Operating profits also witnessed a 23 percent rise, reaching AED 2 billion for 2023, up from AED 1.6 billion in the previous year.

The net income resulting from financing and investment products witnessed a significant increase of 20 percent to reach AED 1.5 billion, an increase of AED 239.6 million compared to the same period of the previous year in 2022, when it reached AED 1.2 billion.

Similarly, there was a commendable growth of 23 percent in net fees, commissions, and other income, reaching AED 275.5 million for the fiscal year 2023, in contrast to the AED 224.2 million reported for the same period in 2022.

Meanwhile, general and administrative expenses registered a 12 percent increase, totaling AED 684.1 million