Abu Dhabi – Mubasher: Sharjah Islamic Bank recorded an increase of 30% in its loan portfolio to individual borrowers during 2016, Al Khaleej newspaper reported, citing head of retail banking group Nabil Alwan.
Alwan expected the loan portfolio to individuals to record strong growth during 2017.
The credit portfolio for individuals recorded better growth in the first months of 2017, compared to the year-ago-period, the top official added.
The UAE-based Islamic bank plans to inaugurate at least two branches before the end of 2017 in Sharjah, in addition to increasing the number of ATMs, especially in the places where the bank is not present in Dubai and Abu Dhabi.
Sharjah Islamic Bank had last reported a 6% profit rise to reach AED 139.1 million in the first quarter in 2017, attributing the growth to higher operating revenues.
The bank’s financing activities grew 2.9% to AED 17.6 billion in Q1-17.
