earnings "Sharjah Islamic" Exceeding one billion dirhams in 2024, an increase of 25%
Sharjah, January 19, 2024 – Sharjah Islamic Bank announced today that it achieved record financial results and exceptional growth for the year ending December 31, 2024, as net profit before tax increased by 36.5% to reach 1.15 billion dirhams, while net profit after tax reached 1.05. One billion dirhams, an increase of 24.5%.
Thus, the bank crosses an important turning point in its history, as its net profits exceeded one billion dirhams for the first time, which reflects the strong performance and the bank’s ability to expand and diversify its business, and take advantage of the opportunities available in the local and international financial markets.
These results confirm the success of the bank’s strategies in achieving sustainable and continuous growth, along with its firm commitment to providing additional value to its shareholders. This success also reflects the bank’s prominent role in supporting financial and economic growth in the country.
Total profits from financing from customers and financial institutions recorded an increase of 20.6%, reaching 3.7 billion dirhams in 2024, and income after deducting profits from depositors and sukuk holders increased by 4%, reaching 1.50 billion dirhams, compared to 1.45 billion dirhams in 2023.
With regard to the diversification of sources of income, the bank achieved a significant increase in fee and commission income by 45.3%, reaching 400.4 million dirhams, compared to 275.5 million dirhams in the previous year, and total operating income increased by 10.4%, reaching 2.2 billion dirhams, compared to 2.0 billion dirhams. In 2023.
Despite the increase in general and administrative expenses by 12.2% to reach 779.1 million dirhams in 2024, the bank maintained a stable cost-to-income ratio of 35.7% compared to 35.2% in 2023, which reflects high operational efficiency.
With regard to risk management, the bank strengthened its financial solvency through an impairment charge of 253.2 million dirhams, representing a decrease of 42.3% compared to 439.0 million dirhams in 2023.
As for the budget, the bank recorded a noticeable increase in total assets by 20.2%, reaching 79.2 billion dirhams as of December 31, 2024. The bank maintained a liquidity ratio of 21.6%, equivalent to 17.1 billion dirhams, and the ratio of customer financing to deposits reached 72.8. %, which enhances the bank’s ability to support its future growth plans and ensure its financial stability.
The customer financing portfolio witnessed a growth of 14.1% to reach 37.7 billion dirhams by the end of 2024, driven by a distinct diversification approach across various economic sectors. Customer deposits also increased by 14.5% to reach 51.8 billion dirhams, an increase of 6.6 billion dirhams compared to 45.2 billion dirhams in 2023. .
Sharjah Islamic Bank has a strong capital base, with total shareholders’ equity reaching 8.3 billion dirhams as of December 31, 2024, and the capital adequacy ratio reached 16.18% after the dividend proposal and 17.09% before the dividend proposal, in accordance with Basel III standards, and it also increased. The rate of return on average shareholders’ equity reached 12.76% compared to 10.68% in 2023.
In a step that reflects the bank’s commitment to distributing sustainable profits, the Board of Directors proposed increasing the cash dividend rate to 15% compared to 10% in the previous year, for shareholders’ approval during the next General Assembly meeting.
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