Record results for Syria International Islamic Bank in the first half of 2019

Syria International Islamic Bank, the leading bank in Syria, announced record financial results in the first half of this year 2019, where the net profit increased by 66% to reach about 2.9 billion Syrian pounds compared to the first half of the previous year, after deducting tax and without calculating The impact of the revaluation of the structural pieces.The return on equity reached 9.37% compared to 5.9% in the first half of the previous year.Therefore, the earnings per share reached about LBP 21 in the first half of 2019, and the total operating income of the bank in the first six months From 2019 to about 8 billion Syrian pounds.
On the assets side, the bank achieved a growth rate of about 59% until the end of the first half of this year 2019 to exceed the total assets of the bank barrier of 583 billion pounds against 366 billion pounds at the end of 2018, while the total deposits with the bank to about 540 billion pounds against 329 billion Total shareholders' equity amounted to LBP 30.5 billion at the end of the first half of 2019 compared to LBP 27.5 billion at the end of 2018 with a growth rate of about 11 %.The net financing portfolio of the bank amounted to LBP 259 billion As of the end of the first half of 2019 compared to 121 billion Syrian pounds at the end of 2018 It reached 113%.
The Bank maintains adequate provisions and reserves to meet credit risk, based on the International Accounting Standards (Islamic Financial Accounting Standard 30 and IFRS 9) approved by the Central Bank of Syria, which enhances the Bank's ability to maintain its strong financial position. .
Commenting on the results, Mr. Bashar Al-Sitt, CEO of the bank, said: `` We are proud to be able to record a record in the net profit side in the first half of 2019, and we will continue to achieve growth in our results, which is reflected in the continuous increase in the share of Syria International Bank. '' Islamic Market in Syria .
Al-Sitt stressed that the results achieved were supported by improved performance of financing activities and asset quality. .
'We will also continue to make progress in delivering highly sophisticated banking products and services to customers that will give them a unique banking experience.
Syria International Islamic Bank has distributed the profits of investment deposits for the first half of this year 2019, the highest since the launch of the bank's work, where the rate of return on deposits in Syrian pounds for three years about (9%), while the rate of return distributed on deposits For two years about (8.75%) and amounted to about (8.5%) rate of return on deposits for one year, which is one of the best returns distributed on investment deposits in the Syrian banking sector
The bank increased its capital in 2019 by distributing bonus shares to its shareholders by approximately 9.48% to reach 15 billion Syrian pounds, which fulfills the requirements of Law No. 3 of 2010, which requires raising the capital of Islamic banks to 15 billion Syrian pounds. .
With regard to the performance of the bank's shares on the Damascus Stock Exchange, the bank's shares accounted for 40% of the total trading value in the Damascus Securities Exchange in the first half of this year 2019, and the value of trading on the bank shares amounted to about 3.8 billion Syrian pounds of the total trading value in the market. The total amount of the financial resources during the period is about 9.6 billion Syrian pounds.

Bank Information:
It is noteworthy that Syria International Islamic Bank was established with a capital of (5) billion Syrian pounds and raised to reach 15 billion pounds and began to provide banking in the third quarter of 2007 .
The number of its branches and offices is 27 branches and offices spread across the various Syrian regions, and the number of customers of the bank reached more than 235 thousand dealers by the end of 2018 and the bank is one of the largest private banks in Syria in terms of the number of shareholders, which amounted to about 13 thousand shareholders. Providing and providing banking services in accordance with the provisions of Islamic Sharia and the practice of financing and investment based on non-interest in all forms and forms, and contribute to the process of economic development in Syria Through the Bank's contribution to the financing and investment process necessary to meet the needs of various development projects in accordance with the provisions of Islamic Sharia, in addition to achieving a sustained and growing growth in profitability and return on equity, and in 2017, Syria International Islamic Bank received the award for leadership in development and growth He was also awarded the `` Best Islamic Banking Provider in Syria for 2017 '' by Acquisition International Magazine, part of Global Media Group.

For more information about Syria International Islamic Bank, please visit our website www.siib.sy
Or contact us at the following numbers:
Munir Al-Rifai / Director of Information Center / Syria International Islamic Bank
phone: 00963113943700 convertd 290
fax: 00963113943718 mobile: 00963960600728/email:This email address is being protected from spambots. You need JavaScript enabled to view it.


 

 

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