Bank of Sharjah posts net profit of Dh172m

Bank of Sharjah has announced the results of the period ended September 30, 2019, with total assets recorded at Dh31,232 million, up by eight per cent compared to December 31, 2018.
Net loans and advances at Dh18,301 million, up by 13 per cent compared to December 31, 2018. Total customers' deposits stood at Dh20,760 million, up by three per cent compared to December 31, 2018, while net operating income was recorded at Dh427 million, down by 21 per cent compared to September 30, 2018. Net profit stood at Dh172 million, down by 43 per cent compared to September 30, 2018 and up by 33 per cent compared to December 31, 2018. Total comprehensive income for the period ended September 30, 2019 decreased by 68 per cent and reached Dh99 million versus Dh306 million for the same period of 2018, mainly as a result of net changes in fair value of the issued bonds due to credit risk where the difference of Dh45 million should be eroded with time.
Earnings per share for the period ended September 30, 2019 were decreased by 43 per cent and reached 8.2 fils compared to 14.3 fils for the same period of 2018. Total assets reached Dh31,232 million as at September 30, 2019, an increase of eight per cent over the corresponding December 31, 2018 figure of Dh29,011 million. Loans and advances reached Dh18,301 million as at September 30, 2019, 13 per cent above the corresponding figure of Dh16,214 million as at December 31, 2018.
Customers' deposits as at September 30, 2019 reached Dh20,760 million, three per cent above the corresponding December 31, 2018 balance of Dh20,119 million. Total equity as at September 30, 2019 reached Dh3,862 million, two per cent above the corresponding December 31, 2018 balance of Dh3,779 million.
- business@khaleejtimes.com