Bank of Sharjah posts loss of Dh122.4m in the first nine months of 2023

Bank of Sharjah posted a net loss of Dh122.42 million for the nine months through September 2023, compared with a loss of Dh281.65 million the lender posted during the same period a year ago.

The bank’s net interest income fell 40.2 per cent year-on-year to Dh171.56 million. Net operating income, however, rose 32.44 per cent to Dh326 million.

For the three months through September, however, the bank’s profit managed a turnaround. The metric stood at Dh21.45 million compared with a loss of Dh86.16 million a year ago.

Net operating income rose nearly 305.7 per cent year-on-year to Dh99.126 million. However, net interest income fell 19.29 per cent year-on-year to Dh87.65 million.