Bank of Sharjah Q3 profit rises 10 per cent to Dh298m

Bank of Sharjah’s net profit for the third quarter of 2015 increased 10 per cent to reach Dh298 million compared with Dh272 million for the same period of 2014.

Total assets reached Dh26.56 billion, an increase of 9 per cent over the corresponding 30 September 2014 figure of Dh24.285 billion and a 6 per cent growth from Dh25.054 billion when compared to the 31 December 2014 figure.

Loans and advances reached Dh15.76 billion, 14 per cent above the corresponding 30 September 2014 figure of Dh13.82 billion, and 12 per cent more than the 31 December 2014 balance of Dh14.08 billion.

Net liquidity reached Dh5.484 billion as at 30 September 2015, 4 per cent less compared to the same period of 2014 at Dh5.702 billion and 10 per cent less than 31 December 2014 balance of Dh6.085 billion.

Shareholders’ equity at the end of the third quarter stood at Dh4.591 billion, 4 per cent above the balance for the corresponding period of 2014 after payment of 2014 dividends.

Net interest income increased by 15 per cent compared to the corresponding period of 2014, which translated into a 15 per cent growth in the net operating income to reach Dh519 million in 2015 compared to Dh451 million in the same period of 2014.

Impairment charge on financial assets for the third quarter of 2015 increased by Dh84 million from Dh48 million in 2014 to Dh132 million in 2015.

All the above led to the 10 per cent increase in net profit for the third quarter of 2015 reaching Dh298 million, against Dh272 million for the same period of 2014. As a result, earnings per share for the period were up by 5 per cent and reached 14 fils compared to 13.3 fils in 2014.