Bank of Sharjah has reported a net profit of Dh84 million ($22.8 million) for the first quarter of the year, up by 45 per cent compared to the same quarter of 2017, a media report said.

Total operating income reached Dh158 million, up by 11 per cent compared to 31 March 2017 and net operating income rose to Dh165 million, up by 25 per cent compared to 31 March 2017, reported Emirates news agency Wam.

Earnings per share for the period ended 31 March 2018 were up by 51 per cent and reached 3.99 fils compared to 2.64 fils in 2017.

Customers’ Deposits reached Dh21,037 million, a 3 per cent decrease over the corresponding 31 December 2017 balance of Dh21,630 million.

Total comprehensive income for the period ended 31 March 2018 increased by 198 per cent to total comprehensive income of Dh134 million versus a total comprehensive income of Dh45 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.

Basel III Common Equity Tier 1 ratio at 15.57 per cent compared to a minimum required ratio of 8.5 per cent.