The Bank of Sharjah, a leading bank in the UAE, has approved the distribution of 10 per cent of cash dividend to the shareholders for the financial year ended December 31, 2012.

Announcing this at the general assembly of Bank of Sharjah, Sheikh Mohamed Bin Saud Al Qasimi, the vice chairman of the board of directors, said the year 2012 was a year of growth for the bank with its total assets crossing the Dh22.8 billion ($6.2 billion) mark with an increase of 9 per cent.

The Sharjah lender's net profit grew 9 per cent during 2012 to hit Dh277 million compared to Dh254 million in 2011, while its total profits available for distribution stood at Dh546 million, stated Sheikh Mohamed.

The bank's total liabilities, he said, reached Dh18.7 billion, up 11 per cent over the previous year, while the total equity hit Dh4.2 billion.

According to Sheikh Mohamed, the Sharjah bank's deposit base increased to Dh16.5 billion, thus registering a growth of 10 per cent.

He pointed out that 2012 had inherited an ongoing economic malaise that has entangled developed nations in budget deficits and severe austerity measures, particularly in Europe.

International political relations were marked by increased polarization set amidst a background of competing economic and national interests galvanized political alliances at the expense of global co-operation, said Sheikh Mohamed.

The UAE, he observed, had performed exceptionally well in 2012 at all levels in spite of the difficult conditions in the region.

"The country has seen a modicum of recovery in business, induced by the expenditures of the Abu Dhabi Government and by a wave of optimism stemming from a sustained influx of job seekers and tourists, advances in international prominence, selective improvement in the property market, and the flow of landmark development projects across the various Emirates," he added.

On the key 2012 achievements, Sheikh Mohamed said during 2012 the bank had restructured the private banking & wealth management unit in Dubai Motor City, and signed in May 2012 a co-operation agreement with Commerzbank International - Luxembourg. The new Dubai Media City branch started operating in June 2012.-TradeArabia News Service