Wednesday 25, October 2017 by Jessica Combes

Bank of Sharjah releases results

 

Bank of Sharjah has announced its financial results for the nine months ending 30 September 2017. 

Commenting on the results Ahmed Al Noman, Chairman of the Board, expressed the Board’s satisfaction with the Bank’s interim result, and that equity was affected by the distribution of cash dividends and the downturn in the market value of strategic investments. While it is still early to predict year-end figures, a sustained performance during the fourth quarter to meet the 2017 budget comfortably  is expected. 

Total Assets reached AED 33,059 million, an increase of 27 per cent over the corresponding 30 September 2016 figure of AED 26,128 million. When compared to the 31 December 2016 figure, total assets increased by 22 per cent from AED 27,097 million. 

Customers’ deposits reached AED 23,692 million, an increase of 28 per cent over the corresponding 30 September 2016 figure of AED 18,491 million. When compared to the 31 December 2016 figure, customers’ deposits increased by 20 per cent from AED 19,737 million.

Loans and advances reached AED 16,381 million, 2 per cent above the corresponding 30 September 2016 figure of AED 16,016 million, and 4 per cent less than the 31 December 2016 balance of AED 17,075 million.

Net liquidity remains high compared to industry levels at AED 10,862 million as at 30 September 2017, 100 per cent more than 30 September 2016 at AED 5,434 million and 96 per cent more than 31 December 2016 balance of AED 5,542 million.

Total Equity at the end of the nine months of 2017 stood at AED 4,503 million, three per cent less than 30 September 2016 balance of AED 4,621 million and two per cent less than 31 December 2016 balance of AED 4,600 million.

Capital adequacy ratio kept its strong level and stood at a high of 20.40 per cent in the nine months of 2017. 

Net operating income reached AED 489 million in the nine months of 2017 compared to AED 490 million in the same period of 2016.

Net profit for the nine months of 2017 reached AED 265 million, against AED 268 million for the same period of 2016. As a result, earnings per share for the period were down by one per cent and reached 12.3 fils compared to 12.4 fils in the same period of 2016.