Bank of Sharjah announces strong results for 2016 Q1

Sharjah / Emirates Business

Bank of Sharjah has announced its
financial results for the three months ended on March 31, 2016. During the period, the Bank of Sharjah continued to grow its loan book while maintaining the solid structure of the balance sheet, with high levels of both liquidity and capital.
Total assets reached AED27,651 million, an increase of 6 percent over the corresponding March 31, 2015 figure of AED26,181 million. When compared to the December 31, 2015 figure, total assets remained at the same level.
Customers’ deposits reached AED19,303 million, an increase of 3 percent over the corresponding March 31, 2015 figure of AED18,746 million. When compared to the December 31, 2015 figure, customers’ deposits slightly decreased by 1 percent from AED19,492 million.
Loans and advances reached AED15,402 million, a 7 percent above the corresponding March 31, 2015 figure of AED14,452 million, and 2 percent more than the December 31, 2015 balance of AED15,037 million.
Net Liquidity remained high compared to industry levels at AED6,797 million as at March 31, 2016, 6 percent higher compared to the same period of 2015 at AED6,396 million, and 9 percent less than December 31, 2015 balance of AED7,463 million.
Total Equity at the end of the first quarter stood at AED4,694 million, 7 percent above the balance for the corresponding period of 2015.
Net interest income slightly decreased by 2 percent compared to the corresponding period of 2015, while Non-Interest Income increased by 29 percent which was reflected in an 8 percent increase in the net operating income to reach AED157 million in 2016 compared to AED146 million in the same period of 2015.
Net profit for the first quarter of 2016 reached AED81 million, against AED85 million for the same period of 2015. As a result, earnings per share for the period were down by 10 percent and reached 3.7 fils compared to 4.1 fils in 2015.
However, total comprehensive income for the period increased by 4 percent to AED77 million versus AED74 million in 2015.
Capital adequacy ratio kept its strong level and stood at a high of 21.13 percent in 2016.
The Bank of Sharjah offers an unlimited perspective to its customers. For the bank, the corporate banking does not stop at basic account management or advice on financial investments and it evolves with the business.
Because every corporate’s vision is unique, its development demands very specific inputs, that are critical to each stage. That is whu Bank of Sharjah is employing expert minds, who are using innovative tools, and they strive to provide financial solutions that deliver results, not just promises.