Bank of Sharjah earns Dh393m profit in Q3

DUBAI — Bank of Sharjah on Sunday declared its third quarter results for the year and said it recorded a marginal increase in net profit in the first nine months, compared to same period last year.

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Published: Mon 25 Oct 2010, 11:45 PM

Last updated: Mon 6 Apr 2015, 5:12 PM

The bank’s net profit from July to September, 2010 reach Dh393 million versus Dh388 million the Sharjah-based bank earned in the first nine months an year earlier. Commenting on the results Nerguizian, the Executive Director and General Manager, said “Bank of Sharjah is on course to meet its budgeted results. “With the real estate problem in the country entering the proper recognition cycle, the rest of the economic sectors are decoupling and entering a growth momentum.”

The bank said total assets crossed the Dh20 billion threshold for the first time since inception. Net interest income for the period ending September 30th, 2010 marginally dropped by 4 per cent to reach Dh414 million compared with Dh430 million for the corresponding 2009 period.

“The challenge for the coming year will no longer be providing for impaired assets, but rather the ability for banks to meet the needs of those customers who can create value and generate profits for themselves and their banks as well,” Nerguizian said.

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