Latest news with #netprofit
Zawya
8 hours ago
- Business
- Zawya
Sharjah Islamic Bank reports net profit of $190mln for first half of 2025
Sharjah Islamic Bank (SIB) achieved a strong financial performance during the first half of 2025, achieving a net profit after tax of AED697.2 million, an increase of 25% compared to AED558.7 million in the first half of 2024. Income from investments in Islamic financing and sukuk grew by AED113.6 million, or 6.4%, reaching AED1.9 billion in the first half of 2025, compared to AED1.8 billion in the first half of 2024. Meanwhile, total distributions to depositors and Sukuk holders amounted to AED1.1 billion, compared to AED1.0 billion, reflecting the Bank's stability in net income and its ability to balance financing growth with an equitable profit distribution mechanism that aligns with Sharia principles. It also demonstrates SIB's resilience in maintaining consistent income even in the face of volatile funding costs and competitive pricing pressures in the market. Sharjah Islamic Bank continues to emphasise the diversification of its revenue base, as evidenced by a significant growth in the net fee and commission income which rose sharply by 53.5% to AED 276.0 million in the first half of 2025, up from AED179.8 million in the first half of 2024. As a result, the Bank recorded total operating income of AED1.2 billion, an increase of AED 133.5 million, or 13.0%, compared to AED1.0 billion in the same period last year. This upward trend reflects SIB's ability to maintain stable operating income in a challenging economic environment while effectively capitalising on opportunities across various economic sectors. Total general and administrative expenses for the first half of 2025 amounted to AED 405.4 million, an increase of 16.9% compared to AED 346.9 million in the same period of 2024. This rise is mainly attributed to the Bank's continued investment in human capital, technology, and operational infrastructure to support business expansion and improve customer service. Despite the increase in expenses, the Bank's net operating income before impairment provisions reached AED757.2 million, compared to AED682.1 million in the first half of 2024, reflecting a 11.0% increase, which shows the Bank's ability to absorb cost pressures while maintaining stable profitability, reinforcing its operational efficiency and sound financial management. The Bank recorded a net reversal of impairment provisions of AED 9.3 million during the first half of 2025, compared to an impairment provision of AED67.3 million in the first half of 2024, reflecting a significant improvement in the quality of the financing portfolio as well as prudent credit risk management and successful recovery efforts. This positive development contributed significantly to the 25% increase in profit after tax, which reached AED697.2 million, compared to AED558.7 million in the same period last year. These results confirm the effectiveness of the Bank's risk mitigation strategies and its commitment to preserving asset quality amid a changing global economic environment. On the balance sheet side, total assets increased by AED5.5 billion, or 6.9%, to reach AED 84.7 billion as of June 30, 2025 compared to AED 79.2 billion at the end of the previous year. This is backed by increase in total customer financing to AED43.0 billion, compared to AED38.1 billion at the end of 2024, marking a 12.9% increase. Customer deposits amounted to AED52.7 billion, compared to AED51.8 billion at the end of the previous year. As a result, the financing to deposit ratio stood at 81.5%, compared to 73.6% at the end of the previous year. SIB continued to maintain a strong liquidity ratio of 21.1% of total assets, amounting to AED17.8 billion, compared to 21.6% at the end of the previous year. The return on assets and return on equity also increased, reaching 1.70% and 14.88%, respectively, compared to 1.44% and 12.76% for the previous year.
CNA
8 hours ago
- Business
- CNA
Monetary Authority of Singapore posts S$19.7b net profit on back of strong investment gains
Singapore's central bank expects a slower economic growth in the second half of 2025, amid uncertainties over US tariffs. The Monetary Authority of Singapore recorded a better-than-expected performance in its last financial year with a net profit of S$19.7 billion — the highest since 2018 and a sharp increase from the S$3.8 billion net profit the year before. Meanwhile, assets under management grew 12.2% to exceed S$6 trillion for the first time.
Khaleej Times
8 hours ago
- Business
- Khaleej Times
Sharjah Islamic Bank reports a net profit of Dh697.2 million for the first half of 2025
Sharjah Islamic Bank (SIB) posted a net profit after tax of Dh697.2 million during the first half of 2025, an increase of 25 per cent compared to Dh558.7 million in the first half of 2024. Income from investments in Islamic financing and sukuk grew by Dh113.6 million, or 6.4 per cent, reaching Dh1.9 billion in the first half of 2025, compared to Dh1.8 billion in the first half of 2024. Meanwhile, total distributions to depositors and sukuk holders amounted to Dh1.1 billion. Sharjah Islamic Bank continues to emphasise the diversification of its revenue base, as evidenced by a significant growth in the net fee and commission income which rose sharply by 53.5 per cent to Dh276.0 million in the first half of 2025, up from Dh179.8 million in the first half of 2024. As a result, the Bank recorded total operating income of Dh1.2 billion, an increase of Dh133.5 million, or 13.0 per cent, compared to Dh1.0 billion in the same period last year. This upward trend reflects SIB's ability to maintain stable operating income in a challenging economic environment while effectively capitalizing on opportunities across various economic sectors. Total general and administrative expenses for the first half of 2025 amounted to Dh405.4 million, an increase of 16.9 per cent compared to Dh346.9 million in the same period of 2024. Despite the increase in expenses, the Bank's net operating income before impairment provisions reached Dh757.2 million, compared to Dh682.1 million in the first half of 2024, reflecting a 11.0 per cent increase, which shows the Bank's ability to absorb cost pressures while maintaining stable profitability, reinforcing its operational efficiency and sound financial management. The bank recorded a net reversal of impairment provisions of Dh9.3 million during the first half of 2025, compared to an impairment provision of Dh67.3 million in the first half of 2024, reflecting a significant improvement in the quality of the financing portfolio as well as prudent credit risk management and successful recovery efforts. This positive development contributed significantly to the 25 per cent increase in profit after tax, which reached Dh697.2 million, compared to Dh558.7 million in the same period last year. These results confirm the effectiveness of the Bank's risk mitigation strategies and its commitment to preserving asset quality amid a changing global economic environment. On the balance sheet side, total assets increased by Dh5.5 billion, or 6.9 per cent, to reach Dh84.7 billion as of June 30, 2025 compared to Dh79.2 billion at the end of the previous year. This is backed by increase in total customer financing to Dh43.0 billion, compared to Dh38.1 billion at the end of 2024, marking a 12.9 per cent increase. Customer deposits amounted to Dh52.7 billion, compared to Dh51.8 billion at the end of the previous year. As a result, the financing to deposit ratio stood at 81.5 per cent, compared to 73.6 per cent at the end of the previous year. SIB continued to maintain a strong liquidity ratio of 21.1 per cent of total assets, amounting to Dh17.8 billion, compared to 21.6 per cent at the end of the previous year. The return on assets and return on equity also increased, reaching 1.70 per cent and 14.88 per cent, respectively, compared to 1.44 per cent and 12.76 per cent for the previous year.
CNA
13 hours ago
- Business
- CNA
MAS reports net profit of S$19.7 billion due to healthy returns on investments
SINGAPORE: The Monetary Authority of Singapore (MAS) reported a net profit of S$19.7 billion (US$15.4 billion) in the financial year that ended on Mar 31 due to strong investment gains, it said in its annual report released on Tuesday (Jul 15). The figure is a sharp increase from the S$3.8 billion net profit posted in the previous financial year. A combination of a resilient global market as well as declining inflation led to investment gains of S$31.4 billion, which was offset by a negative currency translation effect of S$3.4 billion and net expenses of S$8.3 billion. The expenses were mainly incurred from MAS' money market operations to manage banking system liquidity. "Global markets performed well during the financial year," said MAS managing director Chia Der Jiun. "All asset classes, across bonds and equities, developed and emerging markets posted healthy returns." The negative currency translation effects of S$3.4 billion were largely because of the strengthening of the Singapore dollar against the US dollar. This does not have any bearing on investment performance and is booked as a loss because MAS reports its financial statements in Singdollar. This year's net profit was driven by a few factors, including the good performance of markets due to resilient global growth and declining inflation, said Ms Jacqueline Loh, deputy managing director for corporate development. "If you look at asset classes, in particular, equities, they've continued to perform better than generally markets would expect." There was no contribution to the government's consolidated fund for the financial year. However, Mr Chia said financial markets seem to be pricing in a relatively benign outcome in spite of uncertainties in US trade policy and the larger economy. He noted that equity markets have recovered from the turbulence in April and rallied to new highs, while credit spreads are tight and Asian currencies have strengthened. Financial markets were thrown into turmoil in April when US President Donald Trump announced a baseline 10 per cent tariff on all goods entering his country, including those from Singapore, along with steep so-called reciprocal tariffs for many other countries. As a 90-day pause in the reciprocal tariffs was coming to an end, the US last week started sending out letters informing countries that additional levies would kick in on Aug 1. "The disjoint between risks to the global economy and benign market pricing means that financial markets are vulnerable to sharp pullbacks and bouts of volatility if risk scenarios crystallise," he said. Potential triggers include an escalation in trade conflict, geopolitical conflict and heightened concerns by investors over unsustainable policies, he added. INFLATION TO REMAIN SUBDUED For the second half of the year and into 2026, MAS sees inflation remaining low and stable, though there are risks to that view. Chief economist Edward Robinson said imported inflation is subdued and domestic costs are averaging below historical trends. "Whether or not these continue into next year depends on the ... global macro environment and the determinations of global external factors," he said. "But at this time, I think our very tentative projection is for low and stable inflation to continue into 2026." MAS said in its report that imported goods inflation should be modest in the near term, as global demand is slowing. Regional inflation is also expected to be subdued because excess output is expected to be diverted to Southeast Asia, including Singapore. Locally, unit labour cost increases are expected to slow as nominal wage growth eases and labour productivity improves. "Together with softer consumer spending, as well as enhanced government subsidies, these factors should temper inflation in the quarters ahead," the report said. However, it added that the uncertainties about the inflation outlook remain high because of increased risks in the global environment. "We are alert to risks on both sides," said Mr Chia. "Disinflationary impulses could be stronger if the impact of tariffs on economic activity is more severe, while inflationary pressures could re-surface if geopolitical conflict or supply chain dislocations or disruptions escalate," he said. Mr Chia also said that MAS applied a more severe scenario when stress testing the domestic financial system's stability this year. It found that corporates and households are generally resilient. "Nonetheless, there are segments of businesses and households that are more vulnerable and should exercise vigilance," he said. He highlighted smaller firms in externally oriented sectors that could face risks to revenue and liquidity, and households with less stable incomes. The latter group should plan their finances prudently and avoid taking on large new loan commitments during this period of uncertainty, he said. GROWTH IN FINANCIAL SERVICES Singapore's financial services sector grew 6.8 per cent in 2024, compared with 3.1 per cent in the previous year. The average growth rate for 2021 to 2024 is 4.7 per cent, on track to meet the target of the Industry Transformation Map. The sector is also on track to meet the target of 3,000 to 4,000 net jobs created per year. In 2024, growth in the banking sector was resilient, while the insurance industry expanded, with total assets increasing by 3.6 per cent to S$456.4 billion. MAS added that Singapore continues to grow as a leading foreign exchange hub in Asia and that the corporate debt market posted strong growth. Assets under management grew 12.2 per cent and exceeded S$6 trillion for the first time, driven by both traditional and alternative sectors. Wealth management experienced strong growth, and Singapore will be tough on suspicious and illegitimate monies, but welcoming and efficient to legitimate wealth, said Mr Chia. He added that MAS does not expect the financial sector to continue growing at the pace of the last few years. "With the global uncertainty, we do expect globally economic activity to come down, and financing activity will also come down," he said. There are a range of possible outcomes, but the pace has also been "unusually strong", so that cannot be expected to continue, he said. QUANTUM TECH AND AI Mr Chia also announced that the MAS's Quantum Key Distribution sandbox, conducted together with some banks and technology partners, has been successfully completed. The regulator had conducted trials to study the viability of quantum-safe solutions in anticipation of the future threat posed by quantum-powered decryption. Last year, MAS committed an additional S$100 million to support financial institutions in building capabilities in quantum and artificial intelligence technologies. "While quantum computing is currently not at a mature stage, the technology is developing rapidly and could eventually render current encryption techniques obsolete, putting at risk sensitive customer data and financial transactions," said Mr Chia. MAS also announced that it has established a programme where financial institutions can share their knowledge and experience in implementing artificial intelligence solutions. "By curating a library of use-cases, industry-validated solutions and best practices among these FIs, the programme seeks to reduce the time and effort to search, select and effectively implement AI solutions.
Times of Oman
15 hours ago
- Business
- Times of Oman
Bank Muscat Posts Net Profit of RO 125.82 Million for the Six Months Ended 30 June 2025
MUSCAT, 15 July, 2025 – Bank Muscat, the flagship financial institution in the Sultanate of Oman, announced its preliminary unaudited results for the six months ended 30 June 2025. The Bank posted a net profit of RO 125.82 million for the period compared to RO 112.12 million reported during the same period in 2024, an increase of 12.2 per cent. The key highlights of the results for the period are as follows: Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at RO 206.44 million for the six months period ended 30 June 2025 compared to RO 190.63 million for the same period in 2024, an increase of 8.3 per cent. Non-interest income was RO 81.83 million for the six months period ended 30 June 2025 as compared to RO 75.27 million for the same period in 2024, an increase of 8.7 per cent mainly due to growth in business volumes and higher investment income. Operating expenses for the six months period ended 30 June 2025 was RO 108.08 million as compared to RO 102.13 million for the same period in 2024, an increase of 5.8 per cent. Net impairment losses on financial assets for the six months period ended 30 June 2025 was RO 30.16 million as against RO 29.96 million for the same period in 2024. Net Loans and advances including Islamic financing receivables increased by 5.1 per cent to RO 10,727 million as against RO 10,208 million as at 30 June 2024. Customer deposits including Islamic Customer deposits increased by 3.3 per cent to RO 9,879 million as against RO 9,563 million as at 30 June 2024. Key highlights of preliminary unaudited results The full results for the six months period ended 30 June 2025 along with the complete set of unaudited financial statements will be released following the approval of the Board of Directors of the Bank at its meeting scheduled later during July 2025.
