Dubai: Bank of Sharjah on Monday reported a net profit of Dh250 million for the year 2015, down 13 per cent compared to Dh286 million for the year 2014.
While the bank’s operating income was up 6 per cent to Dh833 million in 2015 compared to Dh784 million in the previous year, total assets were up 10 per cent year on year to Dh27.58 billion and loans and advances were up 7 per cent to Dh15.03 billion last year to 14.08 billion in 2014.
The bank’s customer deposits were up 9 per cent last year to Dh19.49 billion as the net liquidity position improved 23 per cent to Dh7.4 billion compared to Dh6.08 billion in 2014. At the year-end, the bank’s loans and advances to deposits ratio was at 77 per cent compared to 79 per cent in the previous year.
Healthy growth in in loans and advances during the year saw the net interest income surging 17 per cent to Dh548 million last year compared to Dh468 million in 2014 while the non-interest income declined 10 per cent to Dh285 million from Dh316 million in the previous year.
The bank reported a surge in provisions and costs. Net impairment loss on financial assets during 2015 was up 24 per cent to Dh297 million compared to Dh239 million in 2014. Operating expenses were up 3 per cent to Dh275 million from Dh267 million in the previous year.
