Sharjah Islamic Bank profit falls 25% in pandemic year

Sharjah Islamic Bank posted a drop of 25.6% in profit to 405.834 million dirhams ($110.51 million) for 2020.

In a disclosure of its preliminary 2020 results on Wednesday (Jan 20), the bank reported a balance sheet growth of 15.5% to reach 53.6 billion dirhams in assets.

Customer receivables grew by 16.4% to 29.3 billion compared to 25.1 billion in 2019.

Customer deposits also rose, reaching 33.6 billion dirhams from 27.3 billion dirhams in 2019, an increase of 23.1%.

In its third-quarter 2020 report in October, the bank said the 18% drop in profit year-on-year was due to “higher provisions taken as a result of prudent forward looking provision coverage considering the economic slowdown owing to the pandemic outbreak”.

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