Bank of Sharjah reports $42 mln H1 net profits

Bank of Sharjah posted a net profit of $42 million for the first half of 2019, down by 24 per cent year on year and up by 17 per cent compared to 31 December 2018.

The net operating income reached Dh308 million for first half of 2019 compared to Dh355 million for the same period of 2018, a decrease of 13 per cent.

Total comprehensive income for the period ended 30 June 2019 decreased by 68 per cent and reached Dh90 million versus Dh279 million for the same period of 2018, as a result of net changes in fair value of the issued bonds due to credit risk where the difference of Dh64 million should be eroded with time.

Bank’s total assets reached Dh30.33 billion as at 30 June 2019, an increase of 5 per cent over the corresponding 31 December 2018 figure of Dh29.01 billion.

Bank reported a return on assets at 1 per cent and return on equity at 7.85 per cent. While loans and advances to deposits ratio was at 86.46 per cent at the close of the first quarter of 2019, non-performing loans ratio at 8.49 per cent, down by 27 per cent compared to 31 December 2018.

Loans and advances grew 11 per cent in the first half of this year reaching Dh17.97 billion as at 30 June 2019. Customers’ deposits reached Dh20.785 billion, 3 per cent above the year end 2018 balance of Dh20.11 billion.

source: Gulf News