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Sharjah / WAM
Sharjah Islamic Bank (SIB) recorded net profit of AED514.1 million for the year ended in December 31, 2021, an increase of 26.7% compared to AED405.8 million for the same period in 2020. The bank also reported AED850.7 million in operating profits , an increase by 21.9%, compared to AED697.7 million in the previous year.
Despite the partial recovery from the repercussions of the Covid-19 pandemic, the Bank continued its hedging policy to face the challenges resulting from the operational conditions that the global economy is still going through. Consequently, the bank has reported AED244.5 million in the net impairment provisions, which has decreased by AED11.3 million, compared to AED 255.8 million for the previous year.
The growth of the bank’s net profit indicates strong performance across all the business units of the bank. As a result, the net income from financing and investment products increased by 12.4%, or AED120.3 million, to AED1.1 billion for the year of 2021, compared to AED1 billion for the same period of 2020. While net fees, commissions and other income increased by 16.8% to AED 333.2 million, compared to AED 285.2 million for the same period of 2020.
The SIB maintained general and administrative expenses at same level with a slight change compared to previous year amounting AED 576.8 million for year ended 2021 and AED 561.5 million for year ended 2020.