The Sharjah Islamic Bank General Assembly decided to distribute 10% of the dividends to shareholders of 5% in cash and 5% in bonus shares, after the bank achieved a net profit of 545.5 million dirhams a year The past, an increase of 7% over the year 2018, whose profits amounted to 510.4 million dirhams.
According to Emirates News Agency, Abdul Rahman Al Owais, Chairman of the Board of Directors, said that the positive financial results of Sharjah Islamic Bank for the year 2019 reflect the status of the bank's financial position and its strong performance, which was expressed by the rise of the Standard & Poor's credit rating agency last June to the bank's long-term credit rating from BBB + To A- With a stable outlook, the bank’s total assets also grew by 3.7% to reach 46.4 billion dirhams, compared to 44.7 billion dirhams at the end of 2018.
The total operating income of the bank last year was 1.9 billion dirhams, compared to 1.7 billion dirhams in 2018, an increase of 187.3 million dirhams, equivalent to an increase of 11%, while net operating income last year was 1.3 billion dirhams, compared to 1.1 billion dirhams in 2018, an increase of 19.9%, i.e. The equivalent of 216.1 million dirhams, and in terms of general and administrative expenses, it amounted to 585.4 million dirhams for 2019, compared to 614.2 million dirhams in 2018, a decrease of 28.9 million dirhams, or 4.7%.
The total shareholders ’equity at the end of 2019 amounted to 7.5 billion dirhams, which represents 16.2% of the bank’s total assets, an increase of 2.1 billion dirhams from the end of 2018, as a result of the bank’s issuance of first tier bonds of capital worth $ 500 million / 1.8 billion dirhams / where The issuance process received a large turnout by investors at the regional and global levels, which reflects the bank's durability and financial solvency, thus the capital adequacy ratio reached 22.79% compared to 16.96% in 2018, which exceeds the requirements of the Central Bank of 13.0%.
Deposits increased by 3.3%, equivalent to 874.8 million dirhams, to 27.3 billion dirhams, compared to 26.4 billion dirhams. At the end of 2018, liquid assets amounted to 10.4 billion dirhams, equivalent to 22.4% of total assets, and Islamic financing facilities increased to 25.1 billion dirhams last year, an increase of 1.0 billion dirhams, or 4.2%, compared to 24.1 billion dirhams in 2018.
