BoS profits rise 16% to Dh475m

BoS profits rise 16% to Dh475m. (EB FILE)

Bank of Sharjah yesterday said its profit increased 16 per cent to Dh475 million at the end of 2009 compared to DhDh410m for the previous year.

The bank's board also proposed 20 per cent cash dividend.

Total revenues reached Dh1.169 billion against Dh928m in 2008, a rise of 26 per cent.

This increase was mainly driven by the 50 per cent increase in net interest income, which compensated for the decline in commission and trading income.

Total comprehensive income surged by more than 51 per cent to Dh514m against Dh341m, due to unrealised gains of Dh47m, on available for sale investments that are included directly in equity.

Assets increased 14 per cent to Dh18.062m against Dh15.820bn in 2008.

The increase in total assets was mainly due to the increase in loans book and interbank placements.

Total Deposits stood at Dh12.113bn, a 20 per cent increase over the previous year figure of Dh10.118bn.

Total loans and advances reached Dh11.450bn for the period, an increase of 11 per cent over the December 2008 figure of Dh10.340bn.

The loans to deposits ratio improved to 0.95 compared to 1.02 at end-2008.

Net liquidity improved by 34 per cent to Dh2.912m compared to the December 2008 figure of Dh2.177bn, driven by the rise in deposits. The capital adequacy ratio jumped to 23.6 per cent compared to the Central Bank requirement of 10 per cent.

Earnings per share increased by 8 per cent to 23.4 fils from 21.6 fils in 2008. Varouj Nerguizian, Executive Director and General Manager, Bank of Sharjah, said 2009 was a challenging year for the UAE economy and the banking sector.

He that the events of November have negatively affected the profitability of the bank by Dh100m.

 

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