Sharjah – MENA Herald: Bank of Sharjah today announced its financial results for the nine months ending September 30, 2015. Bank of Sharjah’s net profit for the third quarter of 2015 increased by 10% to reach AED 298  million, compared with AED 272 million for the same period of 2014. During the period, the Bank continued to grow its loan book while maintaining the solid structure of the balance sheet, with high levels of liquidity and capital.

Total assets reached AED 26,560 million, an increase of 9% over the corresponding 30 September 2014 figure of AED 24,285 million and a 6% growth from AED 25,054 million when compared to the 31 December 2014 figure, reflecting the growth of the main Balance Sheet items.  

Loans and advances reached AED 15,760 million, 14% above the corresponding 30 September 2014 figure of AED 13,820 million, and 12% more than the 31 December 2014 balance of AED 14,080 million.

Net liquidity reached AED 5,484 million as at 30 September 2015, 4% less compared to the same period of 2014 at AED 5,702 million and 10% less than 31 December 2014 balance of AED 6,085 million.

Shareholders’ equity at the end of the third quarter stood at AED 4,591 million, 4% above the balance for the corresponding period of 2014 after payment of 2014 dividends.

Net interest income increased by 15% compared to the corresponding period of 2014, which translated into a 15% growth in the net operating income to reach AED 519 million in 2015 compared to AED 451 million in the same period of 2014.

Impairment charge on financial assets for the third quarter of 2015 increased by AED 84 million from AED 48 million in 2014 to AED 132 million in 2015.

All the above led to the 10% increase in net profit for the third quarter of 2015 reaching AED  298 million, against AED 272  million for the same period of 2014. As a result, earnings per share for the period were up by 5% and reached 14 fils compared to 13.3 fils in 2014.  

Commenting on the results Mr. Ahmed Al Noman, the Chairman of the Board, expressed the Board’s satisfaction with the interim results.