Dubai: Bank of Sharjah’s net profit for the first nine months of 2016 declined by 10 per cent to Dh268 million compared to Dh298 million reported during the same period of 2015.
Earnings per share for the period were down by 11 per cent and reached 12.4 fils compared to 14 fils in 2015.
The bank continued to grow its loans and deposits portfolio while maintaining high levels of liquidity and a low loan to deposit ratio.
Total income for the period decreased by 16 per cent to Dh234 million versus Dh278 million during the same period of 2015. Total assets reached Dh26.12 billion, down 2 per cent over the corresponding period last year. From year-end 2015 total assets decreased by 5 per cent.
Loans and advances reached Dh16.01 billion, at the close of the third quarter, up 2 per cent year on year compared to the same period last year and 7 per cent more than the year-end 2015 balance of Dh15.03 billion. .
Bank’s customers’ deposits reached Dh18.49 billion, up by 2 per cent compared to the corresponding 30 September 2015 balance of Dh18.15 billion. From year-end 2015 customer’s deposits were down by 5 per cent.
Net interest income decreased by 1 per cent compared to the corresponding period of 2015, Non-interest income decreased by 44 per cent, while net impairment loss on financial assets decreased by 64 per cent.
Net Liquidity remains high at Dh5.43 billion at the close of the third quarter of 2016, down 1 per cent compared to the same period of 2015. Total equity as at 30 September 2016 stood at Dh4.62 billion, after the distribution of Dh220 million in the form of treasury shares, 1 per cent more compared to the corresponding period of 2015.
Bank’s capital adequacy ratio remained strong at 22.28 per cent as of September 30, 2016.
