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Sharjah / WAM
Sharjah Islamic Bank (SIB) announced an increase in its operating profit before provisions by 25.6 percent, amounting to AED 417.3 million for the first six months, compared to AED 332.3 million for the same
period of the previous year.
Net profit amounts to AED 289.5 million for the six months period ended June 30 compared to AED 251.2 million for the same period of the previous year, an increase of 15.2 percent, despite an increase in net impairment provisions, which amounts to AED 127.8 million, compared to AED 81.1 million for the previous year, an increase of AED 46.7 million, equivalent to 57.6 percent.
Strong results are a reflection of bank’s robust business policies on the face of challenging global operational conditions owing to the on-going coronavirus pandemic.