Sharjah Islamic Bank achieved an increase of 8.4% in operating profits to reach 504.7 million dirhams, compared to 465.7 million dirhams for the same period of the previous year, before taking into account reduced provisions Value.
According to Arabiya Net, net profit amounted to 353.4 million dirhams for the nine-month period ending on September 30, 2020, compared to 415.4 million dirhams for the same period of the year The previous year, down by 14.9%, as a result of the increase in net impairment provisions, which reached 151.3 million dirhams, compared to 50.3 million dirhams from the previous year, an increase of 101.1 million dirhams, equivalent to 201.1%.
The bank's balance sheet showed a 15% increase in total assets to reach 53.3 billion dirhams over the nine-month period ended September 30, 2020, compared to 46.4 billion dirhams About the previous year.
The bank continued to diversify its financing portfolio in various economic sectors and followed a prudent credit policy, which takes into account the effects of market fluctuations on the bank’s operations. The total customer financing increased to An amount of 29.5 billion dirhams, an increase of 4.4 billion dirhams, equivalent to 17.5%, compared to 25.1 billion dirhams from the previous year.
and the bank was able to attract a larger volume of customer deposits during the year, as deposits increased by 19.4%, bringing total deposits to 32.6 billion dirhams, compared to 27.3 billion dirhams at the end of 2019 .
