Sharjah Islamic Bank’s ’22 net profit rises 26.6% to Dh651 million

Sharjah Islamic Bank’s ’22 net profit rises 26.6% to Dh651 million

Dubai: Sharjah Islamic Bank recorded an increase of 26.6 per cent in net profit at Dh650.9 million for the year ended December 31, 2022 compared to Dh514.1 million for the year-ago period, it said on Wednesday. The bank also reported a 17.4 per cent increase in operating profits at Dh998.3 million, compared to Dh850.7 million in the previous year. The bank’s board of directors has proposed a cash dividend of 10 per cent, and 5 per cent bonus share provided that it is put to a vote in the coming general assembly meeting. “SIB adopted a more adaptive and flexible strategy to face 2022 challenges. (Despite) the continuous rise in global interest rates and inflation rates in addition to fierce competition in the business environment, our strategy led to strong financial results,” the bank said in a statement. The growth in the bank’s net profit indicates a strong performance in all aspects of the lender’s business. As a result, net income from financing and investment products increased by 10.9 per cent, or Dh119.1 million, to reach Dh1.2 billion for the year of 2022, compared to Dh1.1 billion for the same period in 2021. Net fees, commissions and other income increased