Sharjah Islamic Bank (SIB) reported exceptional financial performance for the year ending 31st December 2024, achieving significant growth. The bank’s net profit before tax rose by 36.5% to AED 1.15B, with net profit after tax increasing by 24.5% to AED 1.05B. This marks the first time SIB’s net profit has exceeded AED 1B, reflecting its ability to expand and diversify operations in both local and international markets.
The bank’s financing income grew by 20.6%, reaching AED 3.7B. Fee and commission income increased by 45.3%, driving total operating income up by 10.4% to AED 2.2B. Despite a rise in administrative expenses, the cost-to-income ratio remained stable at 35.7%, indicating strong operational efficiency.
SIB also enhanced its financial position through impairment provisions and property revaluations, reducing these provisions by 42.3% to AED 253.2M. The bank’s total assets grew by 20.2%, reaching AED 79.2B, while maintaining a liquidity ratio of 21.6%, equivalent to AED 17.1B. The financing-to-deposit ratio stood at 72.8%, ensuring future growth and stability.
The bank’s customer financing portfolio rose by 14.1% to AED 37.7B, while customer deposits grew by 14.5% to AED 51.8B. SIB’s total shareholders’ equity amounted to AED 8.3B, with a capital adequacy ratio of 16.18%, in line with Basel III standards.
In line with its commitment to shareholders, SIB’s board proposed raising the cash dividend distribution to 15%, subject to shareholder approval at the upcoming General Assembly meeting.
