Bank of Sharjah posts 13% jump in earnings

dubai — Bank of Sharjah’s net profit for the first 9 months of 2018 jumped 13 per cent to Dh301 million from Dh265 million for the same period last year on the back of drop in impairments and increase in net operating income.

The lender’s net operating income grew 10 per cent to Dh538 million while net impairment loss on financial assets fell 134 per cent from Dh53 million to Dh18 million. Non-interest income shrank 9 per cent to Dh172 million.

Earnings per share for the period ended September 30, 2018 were up by 16 per cent and reached 14.3 fils compared to 12.3 fils in 2017.

Earlier this month, Bank of Sharjah rejected media reports that it was engaged in a threeway merger talks with two other banks of the emirate. Total operating income stood at Dh520 million, down by 4 per cent compared to September 30, 2017.

Total assets were 29.217 billion, down by 4 per cent. Net loans and advances fell 8 per cent to Dh16.073 billion. Total customers’ deposits were Dh19.694 billion, drop by 9 per cent. While net profit for the third-quarter dropped 10.6 per cent to Dh100.8 million as compared to Dh112.8 million for the same period last year.