SIB’s Net Profit and Operating Profit Up for 9M 2021 

On the 16th of October 2021, Sharjah Islamic Bank (SIB) said that its nine-month (9M) net profit climbed 29.6% to AED 458 million in 2021. This is versus AED 353.4 million recorded in the same period in 2020.

Why it Matters?

SIB's net profit increase indicates solid growth across all its business segments. The lender is continuing to diversify its financing portfolio across multiple economic sectors and maintains a lending policy that considers all events related to the COVID-19 pandemic and its financial market impacts. It was revealed that customer deposits at SIB increased by 9.3% to AED 36.7 billion as at end-September 2021 from Dh33.6 billion as at end-December, 2020.

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