Sharjah Islamic Bank (SIB) reported net profits of AED 164.2mn ($45mn) in 1Q2021, a modest 6.8% rise YoY. Total operating income was higher 14.2% to AED 343.6mn ($93.5mn) and the bank’s net income from financing and investment products jumped by 17.6% to AED 263.2mn ($71.7mn). SIB’s profits were dragged by a net impairment on financial assets at AED 48mn ($13mn) as compared to only AED 13mn ($3.5mn) in the same period last year. The bank’s CET1 ratio stood at 14.73%, 7bp higher than the previous quarter.
SIB’s bonds were flat – its USD 5% Perp Sukuk was at 105.5, yielding 3.6%.
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