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Net profits of AED152 million for H1, 2017, were declared by the Bank of Sharjah against AED176 million for the same period last year, bringing earnings per share for the same period down by 14% to 7.0 fils from 8.1 fils for the corresponding period in 2016.
Commenting on the results, Ahmed Al Noman, Chairman of the Board, stated that the net profit was "affected mainly by a marginal increase in cost of funds, and equity was affected by the distribution of cash dividends and the downturn in the market value of strategic investments. While it is too early to predict year-end figures, we expect a sustained performance during the second half to meet comfortably the budget of 2017."
The Bank’s total assets reached AED28,504 million, an increase of 8 percent over the corresponding period last year to AED 26,289 million. When compared to the 31 December 2016 figure, total Assets increased by 5 percent from AED27,097 million.
Customers’ deposits reached AED19,313 million, an increase of 6 percent over the corresponding period 2016 of AED18,200 million. When compared to the 31 December 2016 figure, customers’ deposits decreased by 2 percent from AED19,737 million.
Loans and advances reached AED15,999 million, 3 percent over the corresponding period's figure of AED15,554 million, and 6 percent less than the 31 December 2016 balance of AED17,075 million.
Net liquidity remains high compared to industry levels at AED 6,695 million as at 30 June 2017, a 19 percent growth over the corresponding period's AED5,629 million, and 21 percent more than 31 December 2016's balance of AED5,542 million.
Total equity at the end of the first half of 2017 stood at AED4,387 million, 8 percent less than 30 June 2016 balance of AED 4,781 million, and 5 percent less than 31 December 2016 balance of AED 4,600 million.
Capital adequacy ratio maintained its strong level and stood at a high of 19.85 percent in the first half of 2017.
Net interest income and non-interest income decreased by 8 percent and 14 percent respectively compared to the corresponding period of 2016, which was reflected in an 8 percent decrease in the net operating income to reach AED 300 million in the first half of 2017, compared to AED327 million in the same period of 2016.
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