Latest news with #Dhs1.9
Gulf Today
3 days ago
- Business
- Gulf Today
SIB's net profit up 25 per cent at Dhs697.2 million in first half
Sharjah Islamic Bank (SIB) achieved a strong financial performance during the first half of 2025, achieving a net profit after tax of Dhs697.2 million, an increase of 25 per cent compared to Dhs558.7 million in the first half of 2024. Income from investments in Islamic financing and sukuk grew by Dhs113.6 million, or 6.4 per cent, reaching Dhs1.9 billion in the first half of 2025, compared to Dhs1.8 billion in the first half of 2024. Meanwhile, total distributions to depositors and Sukuk holders amounted to Dhs1.1 billion, compared to Dhs1.0 billion, reflecting the Bank's stability in net income and its ability to balance financing growth with an equitable profit distribution mechanism that aligns with Sharia principles. It also demonstrates SIB's resilience in maintaining consistent income even in the face of volatile funding costs and competitive pricing pressures in the market. Sharjah Islamic Bank continues to emphasise the diversification of its revenue base, as evidenced by a significant growth in the net fee and commission income which rose sharply by 53.5 per cent to Dhs276.0 million in the first half of 2025, up from Dhs179.8 million in the first half of 2024. As a result, the Bank recorded total operating income of Dhs1.2 billion, an increase of Dhs133.5 million, or 13.0 per cent, compared to Dhs1.0 billion in the same period last year. This upward trend reflects SIB's ability to maintain stable operating income in a challenging economic environment while effectively capitalizing on opportunities across various economic sectors. Total general and administrative expenses for the first half of 2025 amounted to Dhs405.4 million, an increase of 16.9 per cent compared to Dhs346.9 million in the same period of 2024. This rise is mainly attributed to the Bank's continued investment in human capital, technology, and operational infrastructure to support business expansion and improve customer service. Despite the increase in expenses, the Bank's net operating income before impairment provisions reached Dhs757.2 million, compared 2025, a 25 per cent increase Sharjah Islamic Bank (SIB) achieved a strong financial performance during the first half of 2025, achieving a net profit after tax of Dhs697.2 million, an increase of 25 per cent compared to Dhs558.7 million in the first half of 2024. Income from investments in Islamic financing and sukuk grew by Dhs13.6 million, or 6.4 per cent, reaching Dhs1.9 billion in the first half of 2025, compared to Dhs1.8 billion in the first half of 2024. Meanwhile, total distributions to depositors and Sukuk holders amounted to Dhs1.1 billion, compared to Dhs1.0 billion, reflecting the Bank's stability in net income and its ability to balance financing growth with an equitable profit distribution mechanism that aligns with Sharia principles. It also demonstrates SIB's resilience in maintaining consistent income even in the face of volatile funding costs and competitive pricing pressures in the market. Sharjah Islamic Bank continues to emphasise the diversification of its revenue base, as evidenced by a significant growth in the net fee and commission income which rose sharply by 53.5 per cent to Dhs276.0 million in the first half of 2025, up from Dhs179.8 million in the first half of 2024. As a result, the Bank recorded total operating income of Dhs1.2 billion, an increase of Dhs33.5 million, or 13.0 per cent, compared to Dhs1.0 billion in the same period last year. This upward trend reflects SIB's ability to maintain stable operating income in a challenging economic environment while effectively capitalising on opportunities across various economic sectors. Total general and administrative expenses for the first half of 2025 amounted to Dhs405.4 million, an increase of 16.9 per cent compared to Dhs346.9 million in the same period of 2024. This rise is mainly attributed to the Bank's continued investment in human capital, technology, and operational infrastructure to support business expansion and improve customer service. Despite the increase in expenses, the Bank's net operating income before impairment provisions reached Dhs757.2 million, compared to Dhs682.1 million in the first half of 2024, reflecting a 11.0 per cent increase, which shows the Bank's ability to absorb cost pressures while maintaining stable profitability, reinforcing its operational efficiency and sound financial management. Meanwhile Sharjah Islamic Bank (SIB) was awarded the Sharjah Excellence Award (SEA) in the 'Sharjah Gulf Excellence' category for its 2024 edition, organised by the Sharjah Chamber of Commerce and Industry. This recognition comes in appreciation of the SIB's significant initiatives and institutional achievements, which have played a key role in cementing its position as one of the leading banking institutions in the UAE and the region. This honour follows the recent inclusion of the bank in the 'Top 100 Companies in the Middle East for 2024' list, according to Forbes magazine, a clear indication of its strong institutional performance and its sustainable and innovative business model.
Gulf Today
23-04-2025
- Business
- Gulf Today
Sharjah property sector zooms as realty deals reach Dhs13.2b
Staff Reporter, Gulf Today The real estate trading value in the emirate of Sharjah has reached Dhs13.2 billion during the first quarter of 2025, with a growth rate of 31.9% compared to the same period in 2024, as it amounted to approximately Dhs10 billion. The number of transactions executed by the department reached 24,597, with a growth rate of 4.8% compared to the same period last year, which recorded 23,478 transactions. This strong growth in real estate performance reflects the growing confidence in Sharjah's investment environment, as it combines economic stability with investor-friendly legislation. Moreover, the diversity of investing nationalities confirms the attractiveness of the emirate's real estate sector, both in terms of the variety of available opportunities and the advanced infrastructure that meets the aspirations of local and international investors. Abdulaziz Ahmed Al-Shamsi, Director General of the Sharjah Real Estate Registration Department, stated: 'The qualitative leaps witnessed by Sharjah's real estate are a fundamental pillar in the comprehensive and balanced economic growth process, which Sharjah is steadily leading, thanks to the wise directives of His Highness Dr Sheikh Sultan Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, and the diligent follow-up of Sultan Bin Mohammed Bin Sultan Al Qasimi, Crown Prince, Deputy Ruler of Sharjah, and Chairman of the Executive Council, which have placed Sharjah on the regional and international real estate investment map.' Al-Shamsi added: 'The Emirate of Sharjah continues to consolidate its position as a thriving economic centre, through a diversified economy and a stimulating investment climate, along with a strong legislative structure that guarantees the protection of rights and enhances investor confidence. He also pointed out that 'the distinguished performance of the emirate's real estate clearly reflects the competitiveness and attractiveness of the real estate market. Recent statistics have demonstrated this sector's ability to attract a wide range of investors and developers, enhancing opportunities for ownership, housing, and investment.' 8,123 The total number of sales transactions by areas in Sharjah has reached 8,123, a growth rate of 32.2% compared to the same period last year, which totaled 6,146. These sales transactions amounted to Dhs 10.7 billion, and were distributed across 169 areas, covering 46 million square feet. As for the areas with the highest number of transactions, 'Muwailih Commercial' area ranked the highest with 1,787 transactions worth Dhs1.9 billion, followed by 'Al-Belaida' area with 902 transactions amounting to Dhs 851 million, and then 'Al-Khan' area with 536 transactions worth Dhs 665 million. Residential Transactions Lead In terms of property classification of sales transactions, residential properties accounted for the largest proportion, with 2,894 transactions, which represented 78.9% of the total number of transactions, followed by industrial properties with 477 transactions that represented 13%, then commercial properties with 259 transactions which represented 7.1%, and agricultural properties with 39 transactions, representing 1% of the total number of transactions. As for the real estate mortgage transactions, it reached 1,417 with a value of Dhs 2.4 billion, and were carried out by 21 financing institutions. The areas with the highest number of mortgage transactions were, first, 'Um Fanain' area with 113 mortgage transactions worth Dhs 170.6 million, followed by 'Muwailih Commercial' area with 66 transactions amounting to Dhs 246.5 million, 'Al-Hamriyah (West)' area with 65 transactions worth Dhs 158.6 million, and 'Al-Sajaa Industrial' area with 60 transactions amounting to Dhs 148.2 billion. In regards to real estate projects, four new projects were registered in Sharjah, which are all residential complexes in the following areas: 'Muwailih Commercial', 'Al-Tay', and 'Al-Tay West'. 97 nationalities invested in the emirate of Sharjah Investors from 97 different nationalities invested in the emirate of Sharjah during the first quarter of 2025, UAE nationals' investments accounted for approximately Dhs 5.2 billion, representing 39.8% of the total investment value. While Gulf nationals, excluding Emiratis, invested Dhs 509.8 million, which represented 3.9%, while Arab nationals' investments increased to Dhs 3 billion, that is 22.3% of the total investment value. Similarly, citizens of other countries' investments recorded a high rate, reaching approximately Dhs 4.5 billion, which represented 34% of the total investment value. 3,725 investors from other nationalities, a growth of 25.3% In same context, Sharjah witnessed a significant increase in the number of investors from other nationalities, which reached 3,725 investors, and with a growth rate of 25.3% compared to the same period last year. This reflects the growing demand for investment and ownership in the emirate. Moreover, the number of properties traded by investors of other nationalities reached 3,951, with a growth rate of 25.2%. This high demand from investors is due to several factors, most notably the robust infrastructure, the diversity and availability of the real estate, and the executive council resolution about real estate ownership by non-UAE and GCC nationals to own in Sharjah.
