|16 June, 2019

Bank of Sharjah announces financial results for the period ended 31 December 2018

Net Profit for the year down by 51% compared to 31 December 2017

Sharjah, UAE:  Bank of Sharjah P.J.S.C today announced the results for the period ended 31 December 2018

Financial Highlights 

  • Net Profit for the year of AED 130 million, down by 51% compared to 31 December 2017
  • Total Comprehensive income of AED 3 million, up by 102% compared to 31 March 2017
  • Total Operating Income of AED 721 million, down by 7% compared to 31 December 2017
  • Net Operating Income of AED 469 million, down by 17% compared to 31 December 2017
  • Total Assets at AED 29,011 million, down by 5% compared to 31 December 2017
  • Net Loans and Advances at AED 16,214 million, down by 7% compared to 2017
  • Total Customers’ Deposits at AED 20,119 million, down by 7% compared 2017
  • Return on Assets at 0.45% and Return on Equity at 3.43%
  • Basel III Common Equity Tier 1 ratio at 13.12% compared to a minimum required ratio of 8.5%
  • Loans and Advances to Deposits Ratio at 80.59% 

Income

Net Interest Income increased by 10% compared to the corresponding figure of the year 2017, Non-Interest Income decreased by 33% and operating income decreased by 7%. The net operating income reached AED 469 million for the year 2018 compared to AED 569 million for the year 2017, a decrease of 17%. 

Net profit for the current year 2018 reached AED 130 million, against AED 265 million for 2017, down by 51%. Earnings per share for the year 2018 were down by 54% and reached 6 fils compared to 13 fils in 2017.

Total Comprehensive income for the year increased by 102% to AED 3 million versus a total comprehensive loss of AED 155 million for 2017. This was mainly due to a positive effect from change in fair value of issued bonds. 

Assets Growth

Total Assets reached AED 29,011 million, a decrease of 5% over the corresponding 31 December 2017 figure of AED 30,511 million. 

Loans and Advances

Loans and Advances reached AED 16,214 million, 7% below the corresponding figure of AED 17,476 million as at 31 December 2017. 

Customer Deposits

Customers’ Deposits reached AED 20,119 million, 7% below the corresponding 31 December 2017 balance of AED 21,630 million.

Capital and Liquidity

Total Equity as at 31 December 2018 stood at AED 3,779 million, 7% below the corresponding 31 December 2017 balance of AED 4,068 million.

Net Liquidity reached AED 5,688 million as at 31 December 2018, a decrease of 28% compared to 2017 year figure of AED 7,872 million.

-Ends-

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

© Press Release 2019

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