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    SIB   AES000201013

SHARJAH ISLAMIC BANK PJSC

(SIB)
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Sharjah Islamic Bank : Financial Report Q3 2021/ published on ADX at 16.10.2021

10/18/2021 | 03:32am EST

SHARJAH ISLAMIC BANK PJSC

CONDENSED CONSOLIDATED

INTERIM FINANCIAL STATEMENTS

30 September 2021

Review report on condensed consolidated interim financial statements to the board of directors of Sharjah Islamic Bank PJSC

Introduction

We have reviewed the accompanying condensed consolidated interim statement of financial position of Sharjah Islamic Bank PJSC (the "Bank") and its subsidiaries (the "Group") as at 30 September 2021 and the related condensed consolidated interim statements of profit or loss and comprehensive income for the three month and nine month periods then ended, and condensed consolidated interim statements of cash flows and changes in equity for the nine month period then ended and other explanatory notes. Management is responsible for the preparation and presentation of these condensed consolidated interim financial statements in accordance with International Accounting Standard 34 - Interim Financial Reporting ("IAS 34"). Our responsibility is to express a conclusion on these condensed c onsolidated interim financial statements based on our review.

Scope of our review

We conducted our review in accordance with the International Standards on Review Engagements 2410 "'Review of interim financial information performed by the independent auditor of the entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial statements are not prepared, in all material respects, in accordance with IAS 34.

PricewaterhouseCoopers

16 October 2021

Douglas O'Mahony

Registered Auditor Number 834

Place: Dubai, United Arab Emirates

PricewaterhouseCoopers (Dubai Branch), License no. 102451

Emaar Square, Building 5, P O Box 11987, Dubai - United Arab Emirates

T: +971 (0)4 304 3100, F: +971 (0)4 346 9150, www.pwc.com/me

Mohamed ElBorno, Jacques Fakhoury, Douglas O'Mahony, Murad Alnsour and Rami Sarhan are registered as practising auditors

with the UAE Ministry of Economy

2

SHARJAH ISLAMIC BANK PJSC

CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS FOR THE NINE MONTH PERIOD ENDED 30 September 2021

(Currency: Thousands of U.A.E. Dirhams)

Three month period

Nine month period ended

ended 30 September

30 September

2021

2020

2021

2020

Un-

Un-

Un-

Un-

audited

audited

audited

audited

Income from investment in Islamic financing and sukuks

414,109

427,249

1,250,066

1,281,368

Distribution to depositors and sukuk holders

(139,858)

(191,460)

(437,797)

(583,012)

Net income from financing and investment products

274,251

235,789

812,269

698,356

Investment, fees, commission and other income (note 15)

97,474

70,858

246,513

209,581

Total operating income

371,725

306,647

1,058,782

907,937

General and administration expenses

(136,147)

(134,185)

(405,919)

(403,175)

Net operating income before impairment provision

235,578

172,462

652,863

504,762

Impairment on financial assets - net of recoveries

(67,045)

(70,282)

(194,840)

(151,380)

Profit for the period

168,533

102,180

458,023

353,382

(Attributable to the shareholders of the Bank)

Basic and diluted earnings per share (U.A.E. Dirhams)

0.06

0.03

0.15

0.11

The accompanying notes from pages 9 to 32 form an integral part of these condensed consolidated interim financial statements.

Page 4 of 32

Disclaimer

Sharjah Islamic Bank PJSC published this content on 16 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 October 2021 07:31:04 UTC.


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Sales 2021 1 410 M 384 M 384 M
Net income 2021 624 M 170 M 170 M
Net Debt 2021 - - -
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Capitalization 5 670 M 1 544 M 1 544 M
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Number of Analysts 1
Last Close Price 1,84 AED
Average target price 1,90 AED
Spread / Average Target 3,26%
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