Sharjah Islamic Bank, SIB, has welcomed Standard & Poor’s (S&P) decision to upgrade credit long-term rating of the bank from BBB+ to A- with a stable outlook.
The upgrade is based on S&P’s considering SIB to be a highly systemically important bank in UAE, the bank’s standing as a market player in the UAE Islamic banking sector and the increase in its market share. The upgrade also took the bank’s capitalisation into consideration as a positive factor, and the fact that asset quality remains resilient and the cost of risk is low.
Mohammed Abdulla, CEO of Sharjah Islamic Bank, said, “Our balance sheet reflects the bank’s strong performance and sound financial position, and we remain an important instrument in the growth of Sharjah’s economy and supporter of the emirate’s medium-term development strategy.”
“We are optimistic about expanding our business and services from micro-consumer level to multinational corporations because we have the necessary skills, technology and capacity,” he added.
Sharjah Islamic Bank posted a 7 percent in net profit in 2018, with 15.2 percent and 16.5 percent increase in total operating income and net operating income respectively. Total assets grew by 17 percent and deposits increased by 18.5 percent.