Bank of Sharjah 9-month net profit falls 10 per cent

Bank of Sharjah has reported a 10 per cent fall in profits for the first three quarters of 2016 compared with the previous year as income fell.

The Abu Dhabi-quoted bank said that net profits for the year to the end of September 2016 fell to Dh268 million, down from Dh298m for the same period the previous year.

The bank, which is Sharjah’s second biggest by net assets after Sharjah Islamic Bank, reported that total income fell 17 per cent during the period to Dh538m from Dh651m a year earlier. This was mostly due to a fall in non-interest income which fell 44 per cent to Dh139m from Dh248m a year earlier.

Earnings per share for the period were down by 11 per cent and reached 12.4 fils compared to 14 fils in 2015.

Total assets on 30 September stood at Dh 26.12 billion, a 2 per cent decrease on the same period a year earlier.

Bank chairman Ahmed Al Noman said that the bank’s total 2016 result should exceed its budgeted expectations.

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