Profits amounted to 902.5 million dirhams after deducting taxes at the end of September 2024, an increase of 18 percent.
Revenues from financing and investment products also increased by 22 percent, equivalent to an increase of 494.1 million dirhams, reaching 2.7 billion dirhams for the first nine months of 2024, compared to 2.2 billion dirhams for the same period of the previous year.
Net fees, commissions and other income also increased by 53 percent to reach 505.8 million dirhams, compared to 329.6 million dirhams for the same period of the previous year.
General and administrative expenses amounted to 521.5 million dirhams at the end of September 2024, compared to 473.0 million dirhams for the same period in 2023, an increase of 48.5 million dirhams, with a noticeable improvement in the ratio of expenses to income to reach 32.3 percent compared to 34.7 percent at the end of the previous year.
Despite the continuous improvement in asset quality, which is reflected in the improvement in non-performing financing and coverage ratios, the bank allocated an amount of 100.6 million dirhams as provisions for the nine-month period ending on September 30, 2024, compared to an amount of 172.5 million dirhams for the same period of the previous year, as part of its prudent approach. To confront potential future risks and maintain a strong financial position.
The bank’s balance sheet stabilized at total assets of 74.8 billion dirhams as of September 30, 2024, an increase of 8.9 billion dirhams, equivalent to 13.5 percent, compared to 65.9 billion dirhams at the end of the previous year, 2023.
And keep going Sharjah Islamic Bank To maintain a strong liquidity ratio of 15.6 billion dirhams, at a rate of 20.8 percent, to total assets at the same level at the end of the previous year.
