Sharjah Islamic Bank Sees 13.9% Increase in Net Profit in First Quarter of 2022

Sharjah Islamic Bank (SIB) recorded a net profit of AED 187 million (USD 51 million) for the first quarter of 2022 (1Q 2022) compared to AED 164.2 million (USD 44.7 million) for the first quarter of 2021 (1Q 2021), an increase of 13.9% while its operating profit before provisions saw a 17.1% increase to AED 248.5 million (USD 67.7 million).

Why it Matters?

The increase in overall revenue is due to the United Arab Emirates’s (UAE) economic recovery amid global inflationary pressures, the bank's customer-centric approach, and a number of new high-profit-oriented customer products. Following a conservative credit policy that considers all the global economic and political problems, SIB continues to diversify its financing portfolio in various econom...