Sharjah: Sharjah Islamic Bank (SIB) has reported a significant 29% increase in its profit before tax, amounting to AED 992.1 million for the first nine months of 2024, up from AED 767.3 million during the same period in the previous year. Net profit after tax also rose by 18% to AED 902.5 million, marking a solid performance amid a challenging economic landscape. According to Emirates News Agency, the bank's revenue growth is attributed to its robust core performance, a customer-centric approach, and the introduction of multiple new high-profit-oriented customized products. Total income from financing and investment products surged by 22%, reaching AED 2.7 billion compared to AED 2.2 billion in the previous year. Additionally, net fees, commissions, and other income saw a 53% increase, totaling AED 505.8 million. Despite higher general and administrative expenses, which amounted to AED 521.5 million, up from AED 473.0 million, the bank improved its cost-to-income ratio to 32.3% from 34.7% in 2023. SIB's liq uidity remained strong, with total assets maintaining a steady rate of 20.8%, amounting to AED 15.6 billion. The bank has also been active in diversifying its financing portfolio across various economic sectors, resulting in total customer financings reaching AED 36.6 billion, a 10.7% increase from the previous year. This growth reflects SIB's prudent credit policy amidst economic challenges. The ratio of investments in Islamic finance to customer deposits remained stable at 76.2%, aligning with the bank's strategic objectives. Further bolstering its financial stance, SIB's total investment securities climbed by 23%, reaching AED 16.7 billion. Customer deposits grew by 6.2%, totaling AED 48.0 billion as of September 30, 2024. The bank's strong capital base was evident, with total shareholders' equity reaching AED 8.7 billion, representing 11.6% of total assets and maintaining a high capital adequacy ratio of 17.7% in accordance with Basel-III standards.