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Sharjah Islamic Bank achieves net profit of Dh272 million in 2012

posted on 14/03/2013: 1469 views

Sharjah Islamic Bank's (SIB) General Assembly hailed the significant role played by H. H Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Chairman of Sharjah Islamic Bank, during his 18 year tenure as a Chairman since 1995 and accepted his apology for being unable to continue as a Chairman of SIB.

The bank's General Assembly also approved the financial results for the fiscal year ended December 31, 2012, and approved the Board's proposal of distributing 6 per cent cash dividends, amounting Dh145.5 billion.

This statement was made during 37th meeting of the General Assembly, which was held at the Sharjah Chamber of Commerce and Industry's headquarters to present the annual report and most important financial results of 2012. Sheikh Sultan appreciated the results achieved by the bank and thanked the Board of Directors and the employees for their outstanding efforts as well as the shareholders for their significant contribution to the bank's various successes.

The annual report detailing the most important financial results for 2012 was presented during the board meeting. Sharjah Islamic Bank achieved a net profit of Dh272 million, an 8 per cent growth as compared to the Dh251.1 million achieved in 2011. The Board of Director suggested a cash dividend of 6 per cent of the nominal value of shares, amounting Dh145.5 million for 2012.

The Sharjah Islamic Bank's balance sheet grew with total assets of Dh18.3 billion in 2012, compared to Dh17.7 billion in 2011, making an increase of 3 percent. Total liquid assets reached Dh4.2 billion which represents 23 per cent of the total assets. Net customer receivables reached Dh10.7 billion compared to Dh10.4 billion in 2011, with a growth of 3 per cent, reflecting the bank's conservative policy in the light of changes and risks in various economic sectors.

Customer deposits reached Dh11.3 billion by end of 2012, 9 per cent growth as compared to the Dh10.4 billion which was reported in 2011. Total shareholder equity amounted Dh4.4 billion, equivalent to 24 per cent of the total assets, reflecting the bank's strong financial position and its ability to achieve its strategic goals and expand its activities locally and internationally.

As part of the extraordinary general assembly's agenda, the assembly approved to authorising the Board of Directors to take all the necessary measures to facilitate the issuance of the bank's non-transferable long term Sukuk.

Sharjah Islamic Bank was assigned BBB+ from Fitch Ratings, Standard '&' Poor's Ratings Services and Capital Intelligence. The bank continued its string of awards, with the prestigious Sheikh Khalifa Excellence Award. Sharjah Islamic Bank was honoured with "The Best Contribution to the Mediterranean by Islamic Bank" award at the MIM Mediterranean Awards for Excellence 2012. In addition, the bank won Best Customer Experience Provider in the Middle East.

During the tenure of H. H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi as a Chairman of Sharjah Islamic Bank from 1995 to 2012, the bank was able to grow in total assets from Dh775 million to Dh18 billion, net customer receivables from Dh525 million to Dh11 billion, and customer deposits from Dh567 million in 1995 to Dh11 billion in 2012.

Capital crew from Dh80 million to Dh2.4 billion, shareholder equity from Dh150 million to Dh4.4 billion, and net profit from Dh28 million to Dh272 billion. The bank continues to contribute to supporting national projects in economic and government sectors and to developing infrastructure and supporting the various national and humanitarian initiatives. – Emirates News Agency, WAM


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