Bank of Sharjah profit slips in challenging first quarter

The first three months of 2016 have been challenging for Bank of Sharjah.

Net profit at the bank fell to Dh81 million, for the first quarter ending March 31, from Dh85 million for the same period in 2015. As a result, earnings per share for the period were down by 10 per cent and reached 3.7 fils compared to 4.1 fils in 2015.

For the quarter the bank increased its total assets to Dh27.6 billion, an increase of 6 per cent on a year earlier at Dh26.1bn. However, the figure is the same as its fourth-quarter figure ending December 31, 2015.

The increased pressure in the first quarter is reflected in customers’ deposits, which reached Dh1.93bn, a 1 per cent decrease on the 31 December figure of Dh1.94bn, but 3 per cent higher thanthe first quarter of 2015.

Net liquidity was reported as Dh6.79bn, 9 per cent less than the December 31, 2015 balance of Dh7.46bn, but 6 per cent higher compared to the same period of 2015 at Dh6.39bn.

Loans and advances showed some positive traction in 2016, reaching Dh15.4bn, 2 per cent more than the Dh15.03nn stated on December 31, 2015 and 7 per cent above the corresponding March 31, 2015 figure of Dh14.45bn.

Bank of Sharjah’s capital adequacy ratio stood at a high of 21.13 per cent in 2016.

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