Bank of Shar­jah posts Q1 net profit of Dh81m

Pakistan Observer - - ECONOMY WATCH -

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

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.