Bank of Sharjah posts net profit of AED 84 mn for Q1 2018

Mon 07-05-2018 21:05 PM

SHARJAH, 7th May, 2018 (WAM) — Bank of Sharjah today announced the results of the period ended 31 March 2018, reporting net profit of AED 84 million, up by 45 percent compared to 31 March 2017.

Total operating income reached AED 158 million, up by 11 percent compared to 31 March 2017 and net operating income rose to AED 165 million, up by 25 percent compared to 31 March 2017.

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

Customers’ Deposits reached AED 21,037 million, a 3 percent decrease over the corresponding 31 December 2017 balance of AED 21,630 million.

Total Comprehensive income for the period ended 31 March 2018 increased by 198 percent to total comprehensive income of AED 134 million versus a total comprehensive income of AED 45 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 percent compared to a minimum required ratio of 8.5 percent.

WAM/Tariq alfaham/Hassan Bashir

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