Bank of Sharjah posts lower profit for 2015

Bank of Sharjah posted a drop of nearly 13 per cent in net pro­fit last year owing to lower non-interest income and a non-cash charge, the lender said.

Net profit declined to Dh250 million last year from Dh286m.

Non-interest income fell almost 10 per cent to Dh285m from Dh316m.

The bank also booked a net ­total non-cash charge of Dh297m.

It did not provide details of the charge, but in a statement yesterday it is described as a “net impairment loss on financial assets” and shows an increase of 24 per cent on 2014.

The bank’s capital adequacy ratio also fell to 21.13 per cent in 2015, from 22.26 per cent in 2014.

The lender is proposing no cash dividend for 2015 after distributing 3.4 per cent cash dividend and 4.98 per cent buyback of shares in 2014.

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