Bank of Sharjah has posted a net profit of Dh250 million for the year ending December 31, 2015 as against Dh286 million for the previous year, marking a decline of 13 per cent.

Operating income stood at Dh833 million for the year, reflecting an increase of 6 per cent over the figure of Dh784 million for 2014.

During the year, the Bank continued to grow its loan book while maintaining the solid structure of its balance sheet, with high levels of both liquidity and Equity.

Total assets reached Dh27,587 million, an increase of 10 per cent over the corresponding  December 31, 2014 figure of Dh25,054 million reflecting the growth of the main items of the balance sheet.

Loans and advances reached Dh15,037 million, 7 per cent above the corresponding figure of Dh14,080 million as at December 31, 2014.

Net liquidity reached Dh7,463 million in 2015, an increase of 23 per cent compared to 2014 year figure of Dh6,085 million.

The 2015 financial year had to bear the burden of a net total non-cash charge of Dh297 million. While the statement of profit or loss of the Bank was affected by this high figure it also proved the resilience and success of its performance model.

Total comprehensive Income for the year increased by 28 per cent to Dh309 million versus Dh241 million in 2014.

Capital adequacy ratio stood at a high of 21.13 per cent in 2015, versus 22.26 per cent end of 2014.

Subject to the ratification of the shareholders General Assembly, the Board of Directors will propose no cash dividend as against the cash dividend of 3.4 per cent and the distribution of 4.98 per cent “buy back” shares for 2014, a statement said. – TradeArabia News Service