FAB - Sharjah Islamic Bank (SIB)

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FIRST LOOK NOTES

13 Oct 2025

Sharjah Islamic Bank (SIB)

ACCUMULATE

Last Closing Price
2.80

Target Price
3.10

Upside (%)
+10.71%

UAE Equity Research - Sharjah Islamic Bank (SIB) 3Q25 - First Look Note

SIB’s funded income rose 4.7% YOY to AED 1,002 Mn in 3Q25, mainly driven by an increase in net advances, partially offset by a decline in asset yield. SIB’s net advances grew 19.5% YOY and 1.6% QOQ to AED 43.7 Bn in 3Q25, while Customer deposits grew 13.7% YOY and 3.5% QOQ to AED 54.6 Bn.

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FIRST LOOK NOTES

17 Jul 2025

Sharjah Islamic Bank (SIB)

HOLD

Last Closing Price
2.80

Target Price
3.00

Upside (%)
+7.14%

UAE Equity Research - Sharjah Islamic Bank (SIB) 2Q25 - First Look Note

SIB’s funded income rose 6.8% YOY to AED 968 Mn in 2Q25, mainly driven by an increase in net advances and asset yield. SIB’s net advances grew 22.1% YOY and 6.6% QOQ to AED 43.0 Bn in 2Q25, while Customer deposits grew 6.6% YOY and 1.2% QOQ to AED 52.7 Bn.

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FIRST LOOK NOTES

22 Apr 2025

Sharjah Islamic Bank (SIB)

ACCUMULATE

Last Closing Price
2.31

Target Price
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
2.32

Target Price
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
2.64

Target Price
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
2.29

Target Price
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
2.24

Target Price
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
2.22

Target Price
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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FIRST LOOK NOTES

02 Feb 2024

Sharjah Islamic Bank (SIB)

REDUCE

Last Closing Price
2.35

Target Price
2.20

Upside (%)
-6.38%

Higher revaluation loss on properties impacted profitability

Sharjah Islamic Bank’s (SIB/the Bank) net profit grew 2.3% YOY to AED 84 Mn in 4Q23, lower than our estimate of AED 207 Mn.

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