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.
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.
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.
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.
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