Sharjah Islamic Bank profits up

High level of growth experienced by Sharjah Islamic Bank as performance improves

  • E-Mail
By  Rhys Jones Published  April 18, 2005

Sharjah Islamic Bank earned a net profit of Dh46.8 million during the first quarter of 2005, bank representatives said. That represents a 164% increase over the Dh17.7 million earned in the corresponding period last year, they said. "The first-quarter results for 2005 reflect the high level of growth experienced by the bank, and is in line with our strategic and budgetary objectives: to enhance overall performance of the bank, to build a stronger balance sheet and to increase returns to shareholders," said Hussain Al Qemzi, chief executive, Sharjah Islamic Bank. The company also reported a 34% increase in total assets, from Dh3.5 billion at the end of last year to Dh4.6 billion this year. Shareholders' equity grew by 175 per cent (Dh1.2 billion), due to an increase in its capital. Receivables grew by 38% (Dh901 million) to reach Dh3.3 billion. Investments were up by 58% (Dh60 million) to Dh164 million.

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code