Sharjah Islamic Bank reported an 8.8 percent increase in its profits for the third quarter of 2019, according to local media reports. Sharjah Islamic Bank’s profit increase stems from the rise in total income and decrease in general expenses. 

The bank’s profits for the quarter reached Dh124.9 million. In addition, profits for the first nine months of the year reached Dh415.4 million, compared to Dh397.7 million for the same period last year. This resulted in an increase of 4.4 percent year-on-year. 

Also, rise in earnings came as the bank’s total income increased by 5.8 percent in the third quarter to Dh467 million. Its earnings increased by 12.4 percent in the first nine months to Dh1.4 billion.

That said, Sharjah Islamic Bank’s general expenses fell to Dh147.4 million in the third quarter from Dh150.5 million in the previous year, the local media reported. 

Sharjah Islamic Bank has a strong capital base. At the end of September 2019, the bank’s earnings per share remained at at Dh0.14.

Its total customer financing reached Dh25.4 billion at the end of the third quarter of 2019, compared to 24.1 billion at the end of 2018. This shows an increase of 5.3 percent, or Dh1.3 billion, the local media reported. 

The Sharjah Islamic Bank’s total shareholders equity at the end of the third quarter of 2019 reached Dh7.5 billion, with an increase of Dh2.1 billion. The increase is mainly attributed to the issuance of a tier 1 sukuk during the third quarter.