Dubai: Bank of Sharjah on Sunday reported a net profit of Dh176 million for the first half of 2015, up 16 per cent compared to Dh152 million reported in the same period in 2014.
During the period, the bank continued to grow its loan book while maintaining the solid structure of the balance sheet, with high levels of liquidity and capital.
During the first six months of the year the bank’s balance sheet posted robust growth with total assets surging 13 per cent year on year to Dh26.94 billion and 8 per cent year to date. Loans and advances were up 11 per cent year on year at Dh15.45 billion and 10 per cent from Dh14 billion at the year end 2014.
The bank’s customer deposits were up 8 per cent year on year in the first half of the year at Dh18.63 billion and up 5 per cent from Dh17.8 billion at the year end 2014. Net liquidity reached Dh6.23 billion as at 30 June 2015, 17 per cent more compared to the same period of 2014 at Dh5.35 billion and 2 per cent higher than year end 2014 balance of Dh6 billion.
Operating income for the first six moths of the year increased 17 cent, largely driven by 22 per cent growth in net interest income year on year to Dh259 million and 4 per cent gain in non interest income to Dh106 million.
Shareholders’ equity
Impairment charge on financial assets for the first half of 2015 increased 36 per cent to Dh49 million from Dh36 million in the same period of 2014. Shareholders’ equity at the end of the first half stood at Dh4.46 billion, 4 per cent above the balance for the corresponding period of 2014 after payment of 2014 dividends.
The bank maintained high liquidity and capital adequacy ratios at the close of the first half of 2015 with liquidity at 17 per cent and capital adequacy ratio at 21.28 per cent. Gains in profits were reflected in earning per share surging 12 per cent to 8.3 fils compared to 7.4 fils in the same period in 2014.
