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15 July 2024

Bank of Sharjah profit increases to Dh410m

By Wam

Bank of Sharjah (BoS) yesterday said its net profit increased to Dh410 million last year compared to Dh404m the year before.

The interest income rose by 61 per cent and other fees and revenues, other than investment revenues, increased by 38 per cent to reach Dh167m. The investment income rose by seven per cent despite sharp fall in stock markets. The operational income rose by 39 per cent to reach Dh694m.

The board of directors also proposed a 15 per cent cash dividend and 15.11 per cent bonus share, which will increase the bank's capital to Dh2bn.

The bank will also hold an extraordinary meeting on March 29. The bank's shares yesterday closed unchanged at Dh1.287.

Bank of Sharjah Chairman Ahmed Abdulla Al Noman said the bank managed to achieve strong growth despite the tough conditions due to economic crisis.