Bank of Sharjah announces nine months ending September 2017 results

24/10/2017 15:50 AST

The Bank of Sharjah today announced its financial results for the nine months ending 30th September, 2017. Total Assets reached AED33,059 million, an increase of 27 percent over the corresponding 30th September, 2016, figure of AED26,128 million. When compared to the 31st December, 2016, figure, Total Assets increased by 22 percent from AED27,097 million.

Customers’ Deposits reached AED23,692 million, an increase of 28 percent over the corresponding 30th September 2016 figure of AED18,491 million. When compared to the 31st December 2016 figure, Customers’ Deposits increased by 20 percent from AED 19,737 million.

Loans and Advances reached AED16,381 million, 2 percent above the corresponding 30th September 2016 figure of AED16,016 million, and 4 percent less than the 31st December, 2016, balance of AED17,075 million.

Net Liquidity remains high compared to industry levels at AED10,862 million as at 30th September 2017, 100 percent more than 30th September 2016 at AED5,434 million and 96 percent more than 31st December 2016 balance of AED5,542 million.

Total Equity at the end of the nine months of 2017 stood at AED4,503 million, 3 percent less than 30th September 2016 balance of AED 4,621 million and 2 percent less than 31st December 2016 balance of AED 4,600 million.

Capital Adequacy ratio kept its strong level and stood at a high of 20.40 percent in the nine months of 2017. Net operating income reached AED489 million in the nine months of 2017 compared to AED490 million in the same period of 2016.

Net profit for the nine months of 2017 reached AED265 million, against AED268 million for the same period of 2016. As a result, earnings per share for the period were down by 1 percent at 12.3 fils compared to 12.4 fils in the same period of 2016.

Commenting on the results, Ahmed Al Noman, Chairman of the Board, expressed the board’s satisfaction with the bank’s interim result, and that equity was affected by the distribution of cash dividends and the downturn in the market value of strategic investments. While it is still early to predict year-end figures, we expect a sustained performance during the fourth quarter to meet comfortably the budget of 2017.

WAM