Tuesday 24, July 2018 by Jessica Combes

Bank of Sharjah net profit up by 31 per cent from previous year

 

Bank of Sharjah P.J.S.C today announced the results of the period ended 30 June 2018.

During the period, the Bank continued to maintain high levels of liquidity and a low loan to deposit ratio. 

Net Interest Income decreased by three per cent compared to the corresponding figure for the same period of 2017, Non-Interest Income increased by 32 per cent due to better market performance and Operating income increased by six per cent. The net operating income reached AED 355 million for the period ended 30 June 2018 compared to AED 300 million for the same period of 2017, an increase of 18 per cent. 

Net profit for the period ended 30 June 2018 reached AED 200 million, against AED 152 million for the same period of 2017, up by 31 per cent. Earnings per share for the period ended 30 June 2018 were up by 36 per cent and reached 9.5 fils compared to 7.0 fils in 2017. 

Total Comprehensive income for the period ended 30 June 2018 increased by 728 per cent to total comprehensive income of AED 279 million versus a total comprehensive loss of AED 44 million for the same period of 2017. This was due to an upturn in the market value of strategic investments and a positive effect from change in fair value of issued bonds. 

Total Assets reached AED 29,607 million, a decrease of three per cent over the corresponding 31 December 2017 figure of AED 30,511 million. 

In parallel, Loans and Advances reached AED 16,079 million, an eight per cent decrease compared to the corresponding figure of AED 17,476 million as at 31 December 2017. 

Customers’ Deposits reached AED 20,272 million, a 6 per cent decrease over the corresponding 31 December 2017 balance of AED 21,630 million. 

Total Equity as at 30 June 2018 stood at AED 4,063 million, compared to AED 4,068 million for the corresponding year of 2017. 

Net Liquidity remained very high at AED 6,530 million as at 30 June 2018 despite a decrease of 17 per cent compared to 2017’s figure of AED 7,871 million.

 

 

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