Sharjah Islamic Bank’s Net Profits Rise 27% in 2021

Sharjah Islamic Bank reported a 26.7% increase in net profits for 2021 to AED  514.1mn ($140mn). Profits were helped by an increase in net income from financing and investment products by 12% to AED 1.1bn ($300mn). Net fees, commissions and other income rose by 17% AED 333.2mn ($90.7mn). Net impairment provisions decreased 4% to AED 244.5mn ($67mn). The bank saw its liquidity ratio hit 26.1% of total assets with its total assets now at AED 55bn ($15bn), up 2.5% YoY. The board proposed a cash dividend of 8%. The bank’s CET1 ratio stood at 14.85%, up 19bp YoY.

The bank’s dollar bonds were flat, with its 5% Perp sukuk at 103.5, yielding 3.89%.

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