Sharjah Islamic Bank’s Board of Directors has approved a distribution of eight per cent cash dividends for the shareholders of the lender.
Sharjah Islamic Bank (SIB) posted AED 510 million increase in net profits in 2018, a seven per cent compared to AED 478 million in 2017.
HE Abdul Rahman Al Owais, the Chairman of the Board of Directors, said, “Despite the competition in the UAE banking sector, Sharjah Islamic Bank’s revenues and net profits have continued to grow remarkably in 2018.”
The lender is investing in meeting customers’ expectations with a vast network of 34 branches, 149 ATMs across the UAE as well as e-services and sophisticated smart apps.
Additionally, SIB posted AED 45 billion in total assets standing at by the end of 2018 compared to AED 38 billion in 2017, a 17 per cent increase.
The bank’s customer deposits increased by AED 4.1 billion to AED 26.4 billion, a 19 per cent increase compared to AED 22.3 billion at the end of 2017.
The Sharjah-based lender issued AED 500 million Sukuk with a maturity of five year, part of the $3-billion Sukuk medium-term programme.
Source Islamic Business&Finance