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The Bank of Sharjah (BoS) has announced the results for the period ended September 30, 2018. According to results, net profit for the quarter reached Dhs301 million, registering a 13 per cent increase over the same period last year.
The bank registered 325 per cent increase in total comprehensive income at Dhs306 million while net operating income rose by 10 per cent hitting Dhs538 million mark in the quarter under review. However, total net operating income showed 4 per cent decline to Dhs520 million.
Total assets and net loans also declined by 4 per cent to Dhs29,217 million and 8 per cent at Dhs16,073 million respectively. The bank also posted a decline total customers’ deposits by 9 per cent at Dhs19,694 million. During the quarter, the Bank continued to maintain high levels of liquidity and a low loan to deposit ratio.
Total Equity on September 30, 2018 stood at Dhs4,090 million, an increase of 1 per cent compared to Dhs4,068 million for the corresponding year of 2017.
Net Liquidity remained very high at Dhs5,684 million as on September 30, 2018 despite a decrease of 28 per cent compared to 2017 year figure of Dhs7,871 million.
The Gulf Today
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