Abu Dhabi – Mubasher: Sharjah Islamic Bank (SIB) recorded AED 353.38 million net profits attributable to the shareholders during the first nine months of 2020, down 14.9% from AED 415.41 million in the corresponding period of 2019.

Lower net profits are attributed to an AED 101 million increase in provisions taken amid the economic slowdown caused by coronavirus (COVID-19), according to the consolidated interim financial results for a nine-month period ended on 30 September 2020.

The bank's net operating income declined by 2.2% to AED 951.1 million in the January-September period of 2020 from AED 980.5 million in the same period of the previous year.

The lender's total assets jumped by 15% to AED 53.3 billion as at 30 September 2020 from AED 46.39 million by the end of 2019.

During the third quarter (Q3) of 2020, the bank's net profits decreased to AED 102.18 million from AED 124.87 million in the corresponding quarter of 2019.

The basic and diluted earnings per share (EPS) stood at AED 0.11 in the first nine months of 2020, against 0.14 in the year-ago period.

It is noteworthy to mention that in the first half (H1) of 2020, the bank's net profits retreated by 13.5% to AED 251.2 million from AED 290.5 million in the corresponding half of 2019.