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03 June 2023

Bank of Sharjah net profit falls

By Wam

The Bank of Sharjah saw earnings per share falling to AED12.7 fils during 2017, down by 32 percent from the 2016 figure of AED 18.7 fils, with Net Profit for the year falling by 34 percent from AED402 million in 2016 to AED265 million in 2017, according to preliminary results reported to the Abu Dhabi Securities Exchange yesterday.

The bank recorded a total comprehensive loss for 2017 of AED155 million, compared to total comprehensive income for 2016 of AED213 million, the results showed.

An increase in Net Impairment Loss on Financial Assets of 240 percent from AED62 million to AED211 million saw Net Operating Income fall from AED695 million in 2016 to AED569 million in 2017, a decline of 18 percent.

Net Interest Income fell by 11 per cent from AED522 million to AED466, offsetting a rise in Non-Interest Income of 33 percent from AED236 million to AED314, million, with Operating Income rising by only 3 per cent from AED758 million in 2016 to AED780 million last year.

Loans and Advances rose by two per cent and Customers’ Deposits by 10 percent, resulting in a fall in the ratio of Loans and Advances to Deposits from 87 percent to 81 percent.