Abu Dhabi – Mubasher: Sharjah Islamic Bank (SIB) posted a 7% year-on-year profit increase during the fiscal year 2019, the Emirates News Agency reported on Saturday.

The bank’s net profit grew to AED 545.5 million in 2019, compared to AED 510.4 million in the year-ago period. Operating income rose to AED 1.9 billion last year, from AED1.7 billion a year earlier.

"2019 was a good year for Sharjah Islamic Bank, as we developed the technical, and administrative systems, and achieved the highest profit in the bank’s history, in spite of the competitive environment and market challenges,” SIB’s CEO Mohammed Abdullah said.

General and administrative expenses declined to AED 585.4 million in 2019, against AED 614.2 million in 2018.

Furthermore, SIB’s board recommended the distribution of AED 0.05 per-share cash dividends.