Sharjah Islamic Bank, SIB, booked a net profit of Dh139.1 million ($37.8 million) for the first quarter of 2017, a 5.9 per cent growth compared to Dh 131.4 million in the same period last year, a report said.

The bank's total assets amounted to Dh34.6 billion at the close of the first quarter of 2017 compared to Dh33.5 billion at the end of 2016, reported WAM, the Emirates official news agency.

The net operating income reached Dh237.8 million in the first quarter of 2017, up 8.5 per cent compared to Dh219.2 million in the same period last year.

Net customer receivables of the bank amounted to Dh17.6 billion at the end of the first quarter 2017, an increase of 2.9 per cent compared to the year-end 2016.

The bank’s customer deposits surged 7.6 per cent to Dh19.7 billion during the first three months of 2017 from Dh18.3 billion at the year-end 2016.

SIB reported strong capital adequacy ratio 21.04 per cent at the close of the first quarter 2017.