Sharjah Islamic Bank reports net profit of Dhs318.9 million for Q1

Sharjah Islamic Bank (SIB) commenced the year 2025 with strong financial performance during the first quarter, achieving a net profit after tax of Dhs318.9 million, an increase of 24.6 per cent compared to Dhs255.9 million in the first quarter of 2024.

- 

Income from investments in Islamic financing and Sukuk grew by Dhs56.2 million, or 6.6 per cent, reaching Dhs914.3 million in the first quarter of 2025, compared to Dhs858.1 million in the first quarter of 2024.

Meanwhile, total distributions to depositors and Sukuk holders amounted to Dhs546.9 million, compared to Dhs490.0 million, reflecting SIB's stability in net income and its ability to balance financing growth with an equitable profit distribution mechanism that aligns with Sharia principles. It also demonstrates the Bank's resilience in maintaining consistent income even in the face of volatile funding costs and competitive pricing pressures in the market.

Sharjah Islamic Bank continues to emphasise the diversification of its revenue base, as evidenced by a significant growth in the net fee and commission income which rose sharply by 38.3 per cent to Dhs107.6 million in the first quarter of 2025, up from Dhs77.8 million in the first quarter of 2024.

As a result, the Bank recorded a total operating income of Dhs531.7 million, an increase of Dhs27.0 million, or 5.3 percent, compared to Dhs504.7 million in the same period last year. This upward trend reflects the Bank's ability to maintain stable operating income in a changing economic environment while effectively capitalising on opportunities across various economic sectors.