Abu Dhabi – Mubasher: Sharjah Islamic Bank on Monday reported a 7.2% year-on-year decline in net profits during the fourth quarter of 2017.

The bank’s net profits reached AED 118 million ($32.12 million) in Q4-17, according to a filing to the Abu Dhabi Securities Exchange (ADX).  

The bank’s net profits surged 3.2% to AED 478 million in 2017, compared to AED 463 million in the year-ago period, the bank's data showed.

Sharjah Islamic Bank’s board recommended an 8% cash dividends to be distributed to shareholders, which make up AED 234.8 million of the bank's AED 2.934 billion capital, the UAE-based bank revealed.

Dividends announced for 2017 will be less than 2016 dividends by 20%, Mubasher commented.