Abu Dhabi – Mubasher: The net profits of Sharjah Islamic Bank (SIB) decreased by 25.6% to AED 405.83 million in 2020 from AED 545.53 million in 2019, according to the preliminary financials for the period ended on 31 December 2020.

The bank's net operating income rose to AED 697.7 million in 2020, compared to AED 642.06 million in 2019.

The bank recorded AED 53.6 billion assets in 2020, down from AED 46.39 billion in the earlier year.

The earnings per share (EPS) settled at AED 0.13 last year, versus AED 0.18 in the previous year.

At the same time, the board has recommended paying out cash dividends, representing 8% of the paid-up capital, aggregating a total amount of AED 246.5 million, for 2020.

It is noteworthy to mention that 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.