For the year ending December 31, 2024, Sharjah Islamic Bank (SIB) reported record financial results and remarkable growth. The bank’s net profit before taxes rose by 36.5% to Dhs 1.15 billion, and its net profit after taxes increased by 24.5% to Dhs 1.05 billion. Since the Bank’s net profit crossed the one billion dirham threshold for the first time, this represents a key turning point in the institution’s history. SIB’s capacity to grow and diversify its business while seizing chances in regional and international financial markets is demonstrated by its impressive success.<\/p>\n
These outcomes attest to the effectiveness of SIB’s initiatives in attaining steady and sustained growth while upholding a strong dedication to delivering value addition for its shareholders. They further emphasise how important the SIB is in assisting financial and economic growth in the country.<\/p>\n
The profit from lending money to consumers and financial institutions increased by 20.6% in 2024, to Dhs 3.7 billion. Furthermore, depositors’ and Sukuk holders’ income after profits were subtracted increased by 4% to Dhs 1.50 billion from Dhs 1.45 billion in 2023.<\/p>\n
About income diversification, the Bank’s fee and commission income increased by 45.3% to Dhs 400.4 million from Dhs 275.5 million the year before. Consequently, the overall operating income increased by 10.4% to Dhs 2.2 billion from Dhs 2.0 billion in 2023.<\/p>\n
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