Dubai: Bank of Sharjah on Tuesday reported Dh200 million net profit for the first half of 2018, up 31 per cent from Dh152 million for the same period last year.
The bank’s total comprehensive income for the period ended June 30, 2018 increased 728 per cent to Dh279 million compare to a total comprehensive loss of Dh44 million for the same period of 2017.
Net interest income decreased by 3 per cent compared to the corresponding figure for the same period of 2017. Non-interest income increased by 32 per cent due to better market performance and operating income increased by 6 per cent.
Net operating income reached Dh355 million for the period, up 18 per cent from Dh300 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 fair value of issued bonds.
The bank’s total assets declined 3 per cent to Dh29.60 billion in the first half of 2018, from Dh30.51 billion at the year-end 2017.
Loans and advances contracted 8 per cent to Dh16.07 billion at the close of the first half of this year from Dh17.47 billion at year end 2017. Customers’ deposits were down 6 per cent to 20.27 billion from year-end 2017.
Net liquidity remained very high at Dh6.53 billion as at 30 June 2018 despite a decrease of 17 per cent compared to 2017 year-end figure of Dh7.87 billion.
While the loans and advances to deposits ratio was at 79 per cent at the close of the first half 2018, the bank maintained strong capital adequacy with tier 1 ratio at 15.34 per cent.
