Sharjah Islamic Bank’s general assembly approves 10% cash dividends to shareholders

SHARJAH: Sharjah Islamic Bank’s General Assembly has approved distributing cash dividends of 10% of the share’s nominal value – equivalent to AED 242.6 million for the year 2013, an increase of AED97.1 million as compared to AED145.5 million (6% of the share’s nominal value) in 2012. The announcement was made during the bank’s 38th annual General Assembly meeting at Sharjah Chamber of Commerce and Industry.

Abdul Rahman Al Owais, Chairman of Sharjah Islamic Bank presented the annual report and the most important financial results achieved in 2013, including the growth rates in total assets, liquid assets, net customer receivables, and the bank’s diversified financing portfolio to various economic sectors. The report presented, also, total customer deposit and shareholders’ equity.

Mr. Al Owais expressed, on behalf of the Board of Directors, gratitude and appreciation to H.H. Sheikh Dr Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, for his endless support for the advancement of the economic sectors in general and the banking sector, in particular, and for HH’s follow up on the bank and its activities. He also expressed heartfelt thanks and appreciation to H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, the honorary Chairman of Sharjah Islamic Bank for his outstanding efforts over the past 18 years, during which the bank has achieved a string of achievements and received numerous local, regional and international accolades and awards.

Al Owais added: “The positive financial results achieved by Sharjah Islamic Bank in 2013 are in line with the effective strategy outlined by the Board of Directors and reflect the bank’s strong financial position and excellent performance in all of the bank’s activities during the year.” Regarding its balance sheet, Sharjah Islamic Bank’s total assets increased by 18.6% reaching AED21.7 billion in 2013, making a AED3.4 billion increase compared to the results of 2012.

SIB achieved AED 5.1 billion in liquid assets in 2013 representing 23.6% of its total assets, compared to AED 4.2 billion representing 22.7% of its total assets in 2012.

Net customer receivables of the bank reached AED12.5 billion at the end of 2013, a 16.5% or AED1.8 billion increase as compared to the results of 2012. Regarding liability, the total customer deposit was AED11.9 billion in 2013, a 5% increase as compared to the AED11.3 billion reported in 2012.

Total shareholders’ equity was AED 4.5 billion, representing 20.9% of the bank’s total assets, reflecting its strong financial position. The capital adequacy was 31%, which is in compliance with Basel III capital requirements. This allows the bank to achieve expansion plans in accordance with its strategic goals.

In terms of profit, Sharjah Islamic Bank achieved net profits of AED 307.1 million in 2013, a 12.9% increase as compared to AED 272 million in 2012.