Sharjah Islamic Bank (SIB) released financial statements for Q1-14, which reflected net earnings of AED 110.0 million, while total assets hit AED 22.1 billion by Q1-14. SIB has been successfully pursuing a strategy of stable growth in both profitability and financial position. Total balance sheet grew by 1.8% to AED 22.1 billion, compared to AED 21.7 billion at December 2013.

Sharjah Islamic successfully attracted more deposits during Q1as customer deposits reached AED 12.3 billion at the end of Q1, growing by 3.0% compared to AED 11.9 billion at FY13. The lender’s strong financial position allowed the bank to pursue its strategic growth objectives and maintain a strong capital adequacy ratio to remain structurally strong.