The operating profit of Sharjah Islamic Bank increased by 25.6%, to reach 417.3 million dirhams for the first six months of this year, compared to 332.3 million dirhams for the same period last year. Before calculating impairment allowances.
According to Arabia Net, the net profit amounted to 289.5 million dirhams for the six-month period ending on June 30, 2021, compared to 251.2 million dirhams for the same period last year, an increase of 15.2%, despite the increase in net impairment provisions, which amounted to 127.8 million dirhams, compared to 81.1 million dirhams from the previous year, an increase of 46.7 million dirhams, or 57.6%, as a result of the hedging policy pursued by the bank to meet the challenges arising from the operating conditions that The global economy is going through in light of the Corona pandemic, according to the Emirati Gulf newspaper.
The bank's results revealed an increase in net income from financing and investment products by 16.3%, or 75.5 million dirhams, to reach 538 million dirhams for the first six months of 2021, compared to 462 million dirhams. .6 million dirhams for the same period of the previous year. While net fees, commissions and other income increased by 14.8% to reach 152 million dirhams, compared to 138.7 million dirhams for the same period in 2020.
With regard to general and administrative expenses, they amounted to 272.8 million dirhams at the end of the first half of 2021, compared to 269.0 million dirhams for the same period in 2020, with a marginal increase of 3.7 One million dirhams, or 1.4%, as a result of the bank’s maintenance of the level of expenditures despite the difficult operating conditions.
