Shareholders "Sharjah Islamic" They acknowledge the distribution of cash dividends with a total of 458.7 million dirhams for 2024
Sharjah on February 23 / WAM / Sharjah Islamic Bank shareholders agreed to distribute cash dividends by 15% of the company’s capital for the results of the fiscal year 2024, equivalent to 458.7 million dirhams.
This came during the bank’s annual general assembly meeting, which was held today chaired by His Excellency Abdul Rahman bin Muhammad Al Owais, Chairman of the Sharjah Islamic Bank, at the headquarters of the Sharjah Chamber of Commerce and Industry.
His Excellency Abdul Rahman Al -Owais reviewed the bank’s annual report for the year 2024, stressing that the standard and unprecedented financial results that were achieved during the past year, by exceeding the profits by exceeding the barrier of one billion dirham One of the opportunities to achieve sustainable growth.
The head of the bank’s board of directors presented a detail on the achieved financial results, which reflect the strong performance of the bank in its various sectors, as the net profit increased before calculating the tax to 1.15 billion dirhams, an increase of 36.5%, while the net profit after the tax reached 1.05 billion dirhams, an increase of 24.5% Compared to 851.5 million dirhams in 2023.
He explained that the bank succeeded in expanding its financing activities and continuing the growth of its financing portfolio, as the total operating income increased by 10.4% to 2.2 billion dirhams compared to 2.0 billion dirhams in the previous year. In terms of diversification of revenue sources, he pointed out that the total profits of customer and financial institutions recorded an increase of 20.6%, to reach 3.7 billion dirhams, which reflects the expansion of the bank’s financing activities and the continued growth of the financing portfolio.
He also noted that the income from the fees and commissions witnessed a significant growth of 45.3%, to reach 400.4 million dirhams, compared to 275.5 million dirhams in the previous year; He said that despite the increase in general and administrative expenses by 12.2%, to reach 779.1 million dirhams, the bank maintained the stability of the cost rate to income at 35.7% compared to 35.2% in 2023, which reflects distinct operational efficiency and the bank’s ability to improve performance with cost control .
In his speech, His Excellency Abdul Rahman bin Muhammad Al -Owais thanked His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, and to His Highness Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince, Deputy Ruler of Sharjah, Chairman of the Executive Council, for their continuous support for the economic movement in the emirate And their interest in enabling the bank’s economic and financial goals and enhancing its successes in various forums.
His Excellency Abdul Rahman Al Owais concluded his speech by noting that the successes achieved by the bank in the past year represents a qualitative batch to continue to achieve its ambitious strategy, which is based on promoting digital transformation, diversification of income sources, strengthening the financial position, and regional expansion, with a focus on sustainability and innovation in banking services Islamic.
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