Bank of Sharjah okays 10% dividend

SHARJAH - The general assembly of the Bank of Sharjah, in meeting No. 39 held on Saturday, approved the distribution of a 10 per cent cash dividend.

Shaikh Mohamed bin Saud Al Qasimi, vice-chairman of the board of directors, welcomed the shareholders at the meeting.

He declared that the year 2012 was a year of growth for the bank with total assets crossing Dh22.8 billion, an increase of nine per cent. Total liabilities reached Dh18.7 billion, up by 11 per cent, while total equity hit Dh4.2 billion. The bank’s deposit base increased 10 per cent to reach Dh16.5 billion, while net profits jumped nine per cent in 2012 to reach Dh277 million, against Dh254 million in 2011. Total profits available for distribution stood at Dh546 million.

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