Dubai: Bank of Sharjah on Sunday reported a net profit of Dh301 million for the first nine months of 2018, up by 13 per cent compared to the same period last year.
Net interest income decreased by 1 per cent compared to the corresponding figure for the same period of 2017, non-interest income decreased by 9 per cent and operating income decreased by 4 per cent.
The net operating income was up 10 per cent to Dh538 million for the period ended September 30, 2018 compared to Dh489 million for the same period in 2017.
Total comprehensive income for the period ended September 30, 2018 increased by 325 per cent to total comprehensive income of Dh306 million versus a total comprehensive income of Dh72 million for the same period of 2017. This was due to an upturn in the market value of strategic investments and a positive effect from change in the fair value of issued bonds.
Total assets were down by 4 per cent to Dh29.21 billion, from Dh30.51 billion at the year-end 2017. Loans and advances were down 8 per cent to 16.07 billion, compared to Dh17.47 billion as on 31 December 2017. Customers’ deposits declined by 9 per cent to Dh19.69 billion, from 21.63 billion at the year-end 2017.
Net liquidity remained high at Dh5.68 billion as of September 30, 2018 despite a decrease of 28 per cent compared Dh7.87 billion in the same period in 2017. The bank’s capital adequacy ratio remained robust with Basel III Common Equity Tier 1 ratio at 15.29 per cent at the close of the third quarter.