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Bank of Sharjah shares resume trading on ADX

Dubai - The bank's 9-month 2018 profits grew 13 per cent to Dh301 million, surpassing its 2017's full-year profit of Dh265 million.

Trading in shares of Bank of Sharjah resumed after the bank notified the Abu Dhabi Securities Exchange about its financial results for 2018.

The bourse had earlier suspended trading in the bank's shares for not submitting its results.

"As Bank of Sharjah didn't submit their financial statement, hence it is decided to temporarily suspend trading on the company's shares starting January 27, 2019 until further notice," the bourse earlier said in a statement posted on its website.

After the resumption, Bank of Sharjah's shares were trading at Dh0.999 per share on Abu Dhabi Securities Exchange.

Bank of Sharjah's 9-month 2018 profits grew 13 per cent to Dh301 million, surpassing its 2017's full-year profit of Dh265 million.

Varouj Nerguizian, general manager, Bank of Sharjah, said during a recent interview with Khaleej Times that the lender is not engaged in any merger talks with any banks in the UAE but it is open for mergers.

"We are not talking to any bank for merger. There is no talk with Invest Bank as well. But we are ready for [merger] opportunities. It is not a matter if we want to merge or don't want to. There are situations that force opportunities upon you and you move to take advantage of that. Consolidation started in Abu Dhabi, then moved to Dubai and now it will move to Sharjah and other emirates," said Nerguizian.

waheedabbas@khaleejtimes.com