According to Amac News: Based on the SIB statistics, the bank's net profit before tax increased by 36.5% and reached 1.15 billion dirhams, while the net profit after tax reached 1.05 billion dirhams, which indicates an increase It is 24.5%.
SIB considers these results to be an important milestone in its history, as its net profit has crossed the 1 billion dirham mark for the first time.
These results show the success of SIB strategies in achieving sustainable and continuous growth as well as its outstanding role in supporting the financial and economic growth of the country.
In terms of financial performance, the total profit from financing to customers and financial institutions grew by 20.6% to reach 3.7 billion dirhams in 2024. In addition, after-interest income for depositors and sukuk holders increased by 4% to 1.50 billion dirhams, compared to 1.45 billion dirhams in 2023.
In terms of income diversification, the bank saw a 45.3% increase in fee and commission income, which reached 400.4 million dirhams, compared to 275.5 million dirhams last year. As such, total operating income grew by 10.4% to reach 2.2 billion dirhams compared to 2.0 billion dirhams in 2023.
Despite a 12.2% increase in general and administrative expenses to AED 779.1 million in 2024, the bank maintained a stable cost-to-income ratio of 35.7%, compared to 35.2% in 2023, which indicates high operational efficiency.
In terms of risk management, the bank strengthened its financial strength by creating impairment reserves and revaluation of properties worth 253.2 million dirhams, which represents a decrease of 42.3% compared to 439.0 million dirhams in 2023.
In terms of balance sheet, the bank recorded a significant increase of 20.2% in total assets, which reached 79.2 billion dirhams as of December 31, 2024.
The bank also maintained a liquidity ratio of 21.6%, which is equivalent to 17.1 billion dirhams. The ratio of funding to deposits was 72.8%, which strengthens the bank's ability to support future growth plans and ensure financial stability.
SIB's customer financing portfolio increased by 14.1% to 37.7 billion dirhams by the end of 2024, which is due to a diversified approach in different economic sectors. Customer deposits also increased by 14.5% to 6.6 billion dirhams and reached 51.8 billion dirhams, which is compared to 45.2 billion dirhams in 2023.
Islamic Bank of Sharjah has a strong capital base and the total shareholders' rights reached 8.3 billion dirhams as of December 31, 2024. The bank's capital adequacy ratio reached 16.18% after the proposed profit distribution and 17.09% before the proposed distribution, which is in accordance with Basel III standards. Also, the average return on equity increased to 12.76% compared to 10.68% in 2023.