Recent Research

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  FIRST LOOK NOTES

  22 Apr 2025

  Sharjah Islamic Bank (SIB)

  ACCUMULATE

  Last Closing Price

  AED 2.31

  Target Price

  AED 2.60

  Upside (%)

  +12.55%

  UAE Equity Research - Sharjah Islamic Bank (SIB) 1Q25 - First Look Note

  SIB’s funded income rose 6.0% YOY to AED 914 Mn in 1Q25, mainly driven by an increase in net advances. SIB’s net advances grew 20.8% YOY and 7.0% QOQ to AED 40.3 Bn in 1Q25, while Customer deposits grew 15.6% YOY and 0.7% QOQ to AED 52.1 Bn in 1Q25.

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• 

  FIRST LOOK NOTES

  18 Apr 2025

  Sharjah Islamic Bank (SIB)

  HOLD

  Last Closing Price

  AED 2.32

  Target Price

  AED 2.60

  Upside (%)

  +12.07%

  UAE Equity Research - Sharjah Islamic Bank (SIB) - Earnings Flash

  Sharjah Islamic Bank reported a net profit of AED 318.9 Mn in 1Q25, reflecting a 24.6% year-on-year (YoY) increase compared to AED 255.9 Mn in 1Q24, mainly driven by significant rise in non-profit income, reflecting the focus on diversifying revenue streams through fee-based activities and other non-financing income sources.

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• 

  FIRST LOOK NOTES

  03 Feb 2025

  Sharjah Islamic Bank (SIB)

  HOLD

  Last Closing Price

  AED 2.64

  Target Price

  AED 2.60

  Upside (%)

  -1.52%

  UAE Equity Research - Sharjah Islamic Bank (SIB) 4Q24 - First Look Note

  SIB’s net funded income increased 10.4% YOY to AED 406 Mn in 4Q24. Provisions increased significantly from AED 48 Mn in 4Q23 to AED 110 Mn in 4Q24. The Bank’s cost-to-income ratio increased from 39.4% in 4Q23 to 45.4% in 4Q24 owing to increase in operating expenses.

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  FIRST LOOK NOTES

  24 Oct 2024

  Sharjah Islamic Bank (SIB)

  HOLD

  Last Closing Price

  AED 2.29

  Target Price

  AED 2.25

  Upside (%)

  -1.75%

  UAE Equity Research - Sharjah Islamic Bank (SIB) 3Q24 - First Look Note

  SIB’s non-funded income rose significantly from AED 82 Mn in 3Q23 to AED 212 Mn in 3Q24. Loan-to-Deposit ratio rose from 71.2% in 2Q24 to 76.2% in 3Q24. The bank’s CASA deposits as a percentage of total customer deposits declined from 42.2% in 4Q23 to 40.1% in 3Q24.

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  FIRST LOOK NOTES

  23 Jul 2024

  Sharjah Islamic Bank (SIB)

  HOLD

  Last Closing Price

  AED 2.24

  Target Price

  AED 2.20

  Upside (%)

  -1.79%

  Growth in non-funded income and lower provisions boosted profitability

  Sharjah Islamic Bank’s (SIB/the Bank) net profit grew 17.2% YOY to AED 307 Mn in 2Q24, higher than our estimate of AED 263 Mn.

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• 

  FIRST LOOK NOTES

  25 Apr 2024

  Sharjah Islamic Bank (SIB)

  HOLD

  Last Closing Price

  AED 2.22

  Target Price

  AED 2.20

  Upside (%)

  -0.90%

  Higher non-core income and increased lending supported profitability

  SIB’s advances grew 9.7% YOY to AED 33.4 Bn in 1Q24, while deposits grew 7.6% YOY to 45.1 Bn in 1Q24.

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