Sharjah Islamic Bank’s net income rose 31% to AED 841.5mn in 2023

Sharjah Islamic Bank (SIB)’s net income rose 31% y-o-y to AED 841.5mn in 2023, Sharjah24 reports. The bank’s operating bottom line also rose 23% y-o-y to AED 2 bn in 2023.

Breakdown: Net income from financing and investment products rose 20% y-o-y to AED 1.5 bn. Net fees, commissions, and other income totaled AED 275.5 mn during the year, up 23% y-o-y.

The bank increased its impairment provisions 26.4% y-o-y to AED 439 mn amid challenging global economic conditions, as the bank’s management looked to take a “proactive risk management approach.” The bank maintains a strong liquidity position, with a 21% liquidity ratio at AED 13.7 bn and a financing-to-deposits ratio of 73%.

Dividends: The bank’s board of directors recommended a 10% dividend, pending approval at the upcoming general assembly meeting.