Sharjah Islamic Bank's 1Q 2024 net income rises 11.4% y-oy

Sharjah Islamic Bank’s net income after tax rose 11.4% y-o-y to AED 259.7 mn, according to the company’s earnings release (pdf). The company attributes the net income growth to improving consumer demand and economic expansion in the UAE, as well as cost reductions and risk management strategies that the bank has undertaken to boost income.

Operating income reached AED 504.7 mn during the quarter, up a 4.3% y-o-y. Total assets increased by 6.4% to AED 70.1 bn, reflecting the bank's ability to grow its asset portfolio.