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-
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