Abu Dhabi – Mubasher: The consolidated interim financial results of Sharjah Islamic Bank (SIB) recorded net profits of AED 251.2 million during the first half (H1) of 2020, down 13.5% from AED 290.5 million in the corresponding half of 2019.

Lower net profits are attributed to the lender's higher provision expenses to AED 81.1 million in H1 of 2020, compared to AED 15.3 million in H1 of 2019, due to the economic impact of coronavirus (COVID-19) pandemic.

The bank's total assets climbed by 13.5% to AED 52.67 billion as of 30 June 2020, compared to AED 49.39 in 2019.

The bank's net operating income declined by 2.7% to AED 642.8 million in the first six months of 2020 from AED 660.7 million in 2019.

The basic and diluted earnings per share (EPS) stood at AED 0.08 in H1 of the current year from AED 0.10 in the corresponding period of 2019.

During the second quarter (Q2) of 2020, the bank has issued five-year Sukuk worth $500 million as part of its $3 billion medium-term notes Sukuk programme.

It is noteworthy to mention that during the first quarter (Q1) of 2020, the bank's net profits rose by 1.3% to AED 153.7 million from AED 151.7 million in the same period of 2019.