Bank of Sharjah’s net profit up 13% in first 9 months

Net operating income up 10% to Dh538m during the period

Bank of Sharjah yesterday reported a net profit of Dh301 million for the first nine months of 2018, up 13 per cent over the same period last year.

Net interest income decreased by one per cent, noninterest income decreased by 9 per cent, and operating income decreased by 4 per cent.

The net operating income was up 10 per cent to Dh538 million for the period ended September 30 compared to Dh489 million for the same period in 2017.

Total comprehensive income for the period increased by 325 per cent to total comprehensive income of Dh306 million versus a total comprehensive income of Dh72 million for the same period of 2017.

This was due to an upturn in the market value of strategic investments and a positive effect from change in the fair value of issued bonds.

Total assets

Total assets were down by 4 per cent to Dh29.21 billion, from Dh30.51 billion at yearend 2017.

Loans and advances were down 8 per cent to 16.07 billion from Dh17.47 billion on December 31, 2017. Customers’ deposits declined by 9 per cent to Dh19.69 billion, from 21.63 billion at the yearend 2017.

Net liquidity was high at Dh5.68 billion as of September 30 despite a 28 per cent decrease compared Dh7.87 billion in the same period in 2017. The bank’s capital adequacy ratio remained robust.