The net operating income reached AED 308 million for the period ended 30 June 2019 compared to AED 355 million for the same period of 2018, a decrease of 13%.
Net profit for the period ended 30 June 2019 reached AED 152 million, against AED 200 million for the same period of 2018, down by 24%. Earnings per share for the period ended 30 June 2019 were down by 24% and reached 7.2 fils compared to 9.5 fils for the same period of 2018.
Total Comprehensive income for the period ended 30 June 2019 decreased by 68% and reached AED 90 million versus AED 279 million for the same period of 2018, as a result of net changes in fair value of the issued bonds due to credit risk where the difference of AED 64 million should be eroded with time.
Total Assets reached AED 30,330 million as at 30 June 2019, an increase of 5% over the corresponding 31 December 2018 figure of AED 29,011 million.
Loans and Advances
Loans and Advances reached AED 17,970 million as at 30 June 2019, 11% above the corresponding figure of AED 16,214 million as at 31 December 2018.
Customers’ Deposits reached AED 20,785 million, 3% above the corresponding 31 December 2018 balance of AED 20,119 million.
Total Equity as at 30 June 2019 reached AED 3,869 million, 2% above the corresponding 31 December 2018 balance of AED 3,779 million.
Mr. Varouj Nerguizian, the Bank’s General Manager, stated that during Q2 2019 Bank of Sharjah mourned one of the great figures of banking with the untimely demise of Mr. Ahmed Al Noman, its Chairman since 1993.The Board elected on 25 July 2019 HE Sheikh Mohammed Bin Saud Al Qasimi as Chairman and HE Sheikh Seif Bin Mohd Bin Butti Al Hamed as Vice Chairman, sending a clear message that the Bank will continue its financial social and community development with a new impetus under a new leadership.
The recent “Best Corporate Bank” award received recognizes at the level of the wider public the unique values and socially responsible as well as sustainable approach to banking within a challenging economic and geopolitical context.
While H1 2019 figures reflect a decline in Net Profits compared to H1 2018 figures, we are confident that our profitability will improve during H2 2019 as the Bank have a number of assets that will yield exceptional figures.
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© Press Release 2019