Sharjah Islamic Bank shareholders approve cash dividends totaling AED 458.7 million for the past year

Sharjah Islamic Bank's annual general assembly meeting was held, chaired by His Excellency Abdul Rahman bin Mohammed Al Owais, Chairman of the Board of Directors of Sharjah Islamic Bank.

Total operating income increased by 10.4% to reach AED 2.2 billion compared to AED 2.0 billion in the previous year

After reviewing the bank's annual report for the past year, it was approved to distribute cash dividends of 15% of the company's capital for the results of the fiscal year 2024, equivalent to AED 458.7 million.

His Excellency Abdul Rahman bin Mohammed Al Owais, Chairman of the Board of Directors of Sharjah Islamic Bank, praised the record and unprecedented financial results achieved during the past year, with profits exceeding the one billion dirham barrier for the first time, representing a milestone in the bank's journey, which consolidates its position as a leading Islamic financial institution that keeps pace with economic developments and takes advantage of available opportunities to achieve sustainable growth.

The Chairman of the Bank's Board of Directors provided details on the financial results achieved, which reflect the bank's strong performance in its various sectors, as net profit before tax increased to AED 1.15 billion, an increase of 36.5%, while net profit after tax amounted to AED 1.05 billion, an increase of 24.5% compared to AED 851.5 million in 2023.

He explained that the bank succeeded in expanding its financing activities and continuing to grow its financing portfolio, as total operating income increased by 10.4% to reach AED 2.2 billion compared to AED 2.0 billion in the previous year. In terms of diversifying sources of revenue, he indicated that total profits from customer and financial institution financing recorded an increase of 20.6%, reaching AED 3.7 billion, reflecting the expansion of the bank's financing activities and the continued growth of the financing portfolio.

He also noted that income from fees and commissions witnessed a significant growth of 45.3%, reaching AED 400.4 million compared to AED 275.5 million in the previous year, and said that despite the increase in general and administrative expenses by 12.2%, reaching AED 779.1 million, the bank maintained a stable cost-to-income ratio at 35.7% compared to 35.2% in 2023, reflecting outstanding operational efficiency and the bank's ability to improve performance while controlling costs.

In his speech, His Excellency Abdul Rahman bin Mohammed Al Owais expressed his thanks and gratitude to His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, and to His Highness Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince, Deputy Ruler of Sharjah and Chairman of the Executive Council, for their continuous support for the economic movement in the emirate and their interest in enabling the bank's economic and financial goals and enhancing its successes in various forums.

His Excellency Abdul Rahman Al Owais concluded his speech by pointing out that the successes achieved by the bank last year represent a qualitative push to continue achieving its ambitious strategy, which is based on enhancing digital transformation, diversifying sources of income, strengthening the financial position, and regional expansion, with a focus on sustainability and innovation in Islamic banking services.