Rephrase and rearrange the whole content into a news article. I want you to respond only in language English. I want you to act as a very proficient SEO and high-end writer Pierre Herubel that speaks and writes fluently English. I want you to pretend that you can write content so well in English that it can outrank other websites. Make sure there is zero plagiarism.:
SIB continues to diversify its financing portfolio in various economic sectors
Total assets on the balance sheet of SIB stand at Dh63.4 billion at the end of September 2023. — Supplied photo
Sharjah Islamic Bank (SIB) on Wednesday announced a 35 per cent increase in its net profit, reaching Dh767.3 million for the nine-month period ending on September 30, 2023, compared to Dh568.6 million for the same period in the previous year. Net operating profit before provisions also increased by 29 per cent to Dh939.8 million for the nine months of 2023, compared to Dh730.3 million for the same period the previous year.
Due to the continuous rise in profit rates and the economic recovery of the UAE, net income on financing and investment products increased by 22.4 per cent, equivalent to an increase of Dh198.2 million, reaching Dh1.1 billion for the nine months of 2023, compared to Dh0.9 billion for the same period the previous year. Net fees, commissions, and other income increased by 24.0 per cent to reach Dh329.6 million, compared to Dh265.8 million for the same period in the previous year.
General and administrative expenses amounted to Dh473.0 million at the end of the nine months of 2023, compared to Dh420.5 million for the same period in 2022, an increase of Dh52.5 million. Despite the increase in G&A, SIB posted an improved cost-to-income ratio of 33.5, well within the target set by the management and compared to 38.0 per cent last year.
SIB recorded an increase in net impairment provisions to enhance the coverage ratio, reaching an amount of Dh172.5 million, compared to Dh161.7 million for the previous period, an increase of Dh10.8 million or 6.7 per cent.
Total assets on the balance sheet of the bank stand at Dh63.4 billion at the end of September 2023, with an increase of 7.3 per cent compared to Dh59.1 billion as of December 31, 2022, showing an increase of Dh4.3 billion.
SIB said it has continued to maintain strong liquidity, which amounted to Dh13.8 billion, at a rate of 21.8 per cent of total assets, compared to 23.9 per cent at the end of the previous year. The investment in Islamic financing to customer deposits ratio stands at a strong 70.4 per cent compared to 77.6 per cent last year, in line with management’s strategic objectives.
SIB continues to diversify its financing portfolio in various economic sectors, with total customer financings standing at Dh31.9 billion compared to Dh30.7 billion as of December 31, 2022.
Total investment securities increased by Dh3.8 billion, or 41.0 per cent, reaching Dh12.1 billion, compared to Dh8.5 billion at the end of the previous year.
Sukuk payable decreased by Dh1.8 billion and stands at Dh1.8 billion at the end of September 2023, as against Dh3.7 billion at year-end 2022, due to the repayment of $500 million in the second quarter through the SIB’s own sources, demonstrating an excellent liquidity position.
As a result of improving the deposit mix and introducing new products to meet the customers’ needs, the SIB’s customer deposits improved to an amount of Dh45.2 billion, compared to Dh39.5 billion at year-end 2022, with an increase of Dh5.7 billion or 14.5 per cent.
SIB maintains a strong capital base, as the Bank’s capital adequacy ratio, in accordance with Basel III, is at 19.6 per cent, compared to 19.09 per cent last year.
The rate of return on average assets and average equity has significantly increased, reaching 1.67 per cent and 13.1 per cent annualized, respectively, compared to 1.14 per cent and 8.49 per cent at the end of the previous year.
I have over 10 years of experience in the cryptocurrency industry and I have been on the list of the top authors on LinkedIn for the past 5 years. I have a wealth of knowledge to share with my readers, and my goal is to help them navigate the ever-changing world of cryptocurrencies.