Bank of Sharjah has reported a net profit of Dh200 million ($54.4 million) for the first six months (H1) of the year, as compared to Dh152 million during H1 2017, reflecting an increase of 31 per cent.

Net Interest Income decreased by 3 per cent compared to the corresponding figure for the same period of 2017. Non-Interest Income increased by 32 per cent due to better market performance and operating income increased by 6 per cent.

The net operating income reached Dh355 million for the period ended 30 June 2018 compared to Dh300 million for the same period of 2017, an increase of 18 per cent.

Earnings per share for the period ended 30 June 2018 were up by 36 per cent and reached 9.5 fils compared to 7.0 fils in 2017.

Total Comprehensive income for the period ended 30 June 2018 increased by 728 per cent to total comprehensive income of Dh279 million versus a total comprehensive loss of Dh44 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.

Total Assets reached Dh29,607 million, a decrease of 3 per cent over the corresponding 31 December 2017 figure of Dh30,511 million. In parallel, loans and advances reached Dh16,079 million, an 8 per cent decrease compared to the corresponding figure of Dh17,476 million as at 31 December 2017.

Customers’ Deposits reached Dh20,272 million, a 6 per cent decrease over the corresponding 31 December 2017 balance of Dh21,630 million.

Total Equity as at June 30, 2018 stood at Dh4,063 million, compared to Dh4,068 million for the corresponding year of 2017.

Net Liquidity remained very high at Dh6,530 million as at 30 June 2018 despite a decrease of 17 per cent compared to 2017 year figure of Dh7,871 million. – TradeArabia News Service