Sharjah Islamic Bank has reported a 12.3 per cent increase in net profits in 2009 to AED260.1m ($70.81m), compared to AED231.6m in 2008.

The bank’s total assets grew by AED439m to reach AED16bn, a 3 per cent rise since December 2008.

Customer deposits grew by 9 per cent to AED9.9bn at the end of 2009, compared to AED9.1bn at the same point in 2008.

Meanwhile, profits allocated and distributed to depositors rose to AED303.8m, a 33 per cent year-on-year increase.