Bank of Sharjah posts Q1 net profit of Dh81m
SHARJAH—Bank of Sharjah on Saturday declared net profit of Dh81 million for the first quarter of 2016 compared to Dh85 million in the same period last year. The bank continued to grow its loan book while maintaining a solid balance sheet, with high levels of both liquidity and capital, it said in a statement. Its total assets reached Dh27.65 billion, an increase of six per cent over the corresponding March 31, 2015 figure of Dh26.18 billion. When compared to the December 31, 2015 figure, total assets remained at the same level.
Customer deposits reached Dh19.3 billion, an increase of three per cent over the corresponding March 31, 2015 figure of Dh18.75 billion. When compared to the December 31, 2015 figure, customer deposits slightly decreased by one per cent from Dh19.49 billion. Loans and advances reached Dh15.4 billion, seven per cent above the corresponding March 31, 2015 figure of Dh14.45 billion, and two per cent more than the December 31, 2015 balance of Dh15.04 billion. Net liquidity remains high compared to industry levels at Dh6.8 billion as at March 31, 2016, six per cent higher compared to the same period of 2015 at Dh6.396 billion, and nine per cent less than December 31, 2015 balance of Dh7.46 billion.
Net interest income decreased by two per cent compared to the corresponding period of 2015. Non-interest income increased by 29 per cent, which was reflected in an eight per cent increase in the net operating income to reach Dh157 million in 2016 compared to Dh146 million in the same period of 2015. Capital adequacy ratio stood at a high of 21.13 per cent in 2016.—AP
ON Labour Day, Fauji Fertilizer Com pany would like to take the opportunity to honor and commend the hard work and dedication of the workforce which comprises of laborers and employees. FFC takes pride in having the most professional and competent workforce. Similarly, the workforce also takes pride in FFC policies and culture which looks after its workforce through transparent and ethical business practices and welfare schemes.
FFC pays tribute to hundreds of dedicated workers who have and are