|22 October, 2018

Bank of Sharjah announces financial results for the period ended 30 September 2018

Loans and Advances to Deposits Ratio at 82%

Sharjah, UAE: Bank of Sharjah P.J.S.C today announced the results for the period ended 30 September 2018.

Financial Highlights

  • Net Profit for the quarter AED 301 million, up by 13% compared to 30 September 2017
  • Total Comprehensive income of AED 306 million, up by 325% compared to 30 September 2017
  • Total Operating Income of AED 520 million, down by 4% compared to 30 September 2017
  • Net Operating Income of AED 538 million, up by 10% compared to 30 September 2017
  • Total Assets at AED 29,217 million, down by 4% compared to 31 December 2017
  • Net Loans and Advances at AED 16,073 million, down by 8% compared to 31 December 2017
  • Total Customers’ Deposits at AED 19,694 million, down by 9% compared to 31 December 2017
  • Return on Assets at 1.37% and Return on Equity at 9.81%
  • Basel III Common Equity Tier 1 ratio at 15.29% compared to a minimum required ratio of 8.5%
  • Loans and Advances to Deposits Ratio at 82%

Financial year review

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

Results Review

Income

Net Interest Income decreased by 1% compared to the corresponding figure for the same period of 2017, Non-Interest Income decreased by 9% and Operating income decreased by 4%. The net operating income reached AED 538 million for the period ended 30 September 2018 compared to AED 489 million for the same period of 2017, an increase of 10%.

Net profit for the period ended 30 September 2018 reached AED 301 million, against AED 265 million for the same period of 2017, up by 13%. Earnings per share for the period ended 30 September 2018 were up by 16% and reached 14.3 fils compared to 12.3 fils in 2017.

Total Comprehensive income for the period ended 30 September 2018 increased by 325% to total comprehensive income of AED 306 million versus a total comprehensive income of AED 72 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.

Assets Growth

Total Assets reached AED 29,217 million, a decrease of 4% over the corresponding 31 December 2017 figure of AED 30,511 million.

Loans and Advances

In parallel, Loans and Advances reached AED 16,073 million, an 8% decrease compared to the corresponding figure of AED 17,476 million as at 31 December 2017.

Customer Deposits

Customers’ Deposits reached AED 19,694 million, a 9% decrease over the corresponding 31 December 2017 balance of AED 21,630 million.

Capital and Liquidity

Total Equity as at 30 September 2018 stood at AED 4,090 million, an increase of 1% compared to AED 4,068 million for the corresponding year of 2017.

Net Liquidity remained very high at AED 5,684 million as at 30 September 2018 despite a decrease of 28% compared to 2017 year figure of AED 7,871 million.

-Ends-

For further information, please contact:
CristaPinto
Al Rahma Advertising
Tel: 971-4-351-2101/ 0558749158
Email: crista@rahmaad.com 

© Press Release 2018

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases