Monday, Feb 06, 2017

Dubai: Bank of Sharjah on Monday reported a net profit of Dh402 million for the full year 2016, up 61 per cent compared to Dh250 million reported in 2015.

Earnings per share for the year 2016 were up by 60 per cent and reached 18.7 fils compared to 11.7 fils at year-end 2015.

Total assets reached Dh27 billion, down 2 per cent compared to Dh27.58 billion at year-end 2015.

During the year, the bank continued to grow its loans and deposits portfolio, while maintaining high levels of liquidity and a low loan to deposit ratio. Loans and advances reached Dh16.95 billion, up 13 per cent compared to Dh15.03 billion reported in 2015. Customers’ deposits were up 1 per cent at Dh19.73 billion compared to the previous year.

Bank’s net interest income decreased by 5 per cent compared to the corresponding 2015, non-interest income increased by 24 per cent while net impairment loss on financial assets decreased by 39 per cent, which was reflected in a 30 per cent increase in the net operating income to Dh695 million for the year 2016, compared to Dh536 million in 2015.

Capital adequacy ratio was 22.7 per cent at year-end 2016, compared to 21.13 per cent in 2015.

Staff Report

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