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Bank of Sharjah posts Q1 net profit of Dh58 million

The Bank of Sharjah posted a net profit of Dh58 million for the first quarter of 2017, against Dh81 million for the same period of 2016.

Ahmed Al Noman, chairman of the board, said the net profit was affected mainly by a Dh21 million downturn in the market value of strategic investments which is expected to be recovered during 2017.

Net interest income and non-interest income decreased by seven per cent and 54 per cent respectively compared to the corresponding period of 2016. This resulted in a 16 per cent decrease in net operating income to reach Dh132 million in Q1 of 2017 compared to Dh157 million in the same period of 2016.

Earnings per share for the period were down by 30 per cent and reached 2.6 fils compared to 3.7 fils in the same period of 2016.

The bank's total assets at the close of the first quarter reached Dh28.88 billion, an increase of four per cent over the corresponding period last year. When compared to the year-end 2016 figure, total assets increased by seven per cent from Dh27.097 billion.

Customers' deposits reached Dh18.84 billion, a decrease of two per cent over the corresponding period last year. When compared to the year end of 2016, customers' deposits decreased by four per cent from Dh19.737 billion.

Loans and advances reached Dh16.56 billion, eight per cent above the corresponding period last year of Dh15.4 billion, and three per cent less than the year end 2016 balance of Dh17.08 billion.

Net liquidity remains high at Dh6.7 billion, one per cent less than the corresponding period last year and 21 per cent more than the year-end 2016 balance of Dh5.542 billion.

Total equity at the end of the first quarter of 2017 stood at Dh4.64 billion.

- business@khaleejtimes.com