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Bank of Sharjah posts 14% increase in net profit

Improved performance due to increase in net interest income

Gulf News

Dubai: Bank of Sharjah on Monday said net profit for the period ending September 30 was Dh388 million, a 14 per cent increase over the Dh341 million posted in the same period last year.

The bank's improved performance during the period was driven by the increase in net interest income. Earnings per share increased by 5 per cent to 19.2 fils, up from 18.3 fils.

Greater activity

Bank of Sharjah's total assets reached Dh17.45 billion, an increase of 10 per cent over the December 31, 2008 balance of Dh15.82 billion.

This increase was mainly due to the greater activity seen in loans and placements.

The bank's equity grew by 5 per cent even after the payment of Dh261 million in cash dividends during the second quarter of this year on the 2008 profits, representing 15 per cent of the capital prior to the 15.11 per cent capital increase due to the bonus shares, also issued during the same period, on the 2008 profits.

According to the figures available, Bank of Sharjah's loans and advances reached Dh11.07 billion for the period, an increase of 7 per cent in the loans and advances portfolio over the December 2008 figure of Dh10.34 billion and a 15 per cent growth over the Dh9.61 billion in the corresponding period of 2008.