Bank of Sharjah announces financial results for first half 2015

Bank of Sharjah yesterday announced its financial results for the six months ending June 30, 2015, with net profit increased by 16% to reach Dh 176 million, compared with Dh 152 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 both liquidity and capital.

According to the results, total assets reached Dh 26,946 million, an increase of 13% over the corresponding 30 June 2014 figure of Dh 23,805 million and of 8% from Dh 25,054 million when compared to the 31 December 2014 figure. This was mainly driven by Dh 829 million or 5% increase in customers' deposits.

Loans and advances reached Dh 15,459 million, 11% above the corresponding 30 June 2014 figure of Dh 13,947 million, and 10% more than the 31 December 2014 balance of Dh 14,080 million.

Net liquidity reached Dh 6,236 million as at 30 June 2015, 17% more compared to the same period of 2014 at Dh 5,352 million and 2% higher than 31 December 2014 balance of Dh 6,085 million.

Shareholders' equity at the end of the first half stood at Dh 4,462 million, 4% above the balance for the corresponding period of 2014 after payment of 2014 dividends.

Net interest income increased by 22% compared to the corresponding period of 2014, which translated into a 17% increase in the net operating income to reach Dh 316 million in 2015 compared to Dh 269 million in the same period of 2014.

Impairment charge on financial assets for the first quarter of 2015 increased by Dh 13 million from Dh 36 million in 2014 to Dh 49 million in 2015.

All the above led to the 16% increase in net profit for the first half of 2015 reaching Dh 176 million, against Dh 152 million for the same period of 2014. As a result, earnings per share for the period were up by 12% and reached 8.3 fils compared to 7.4 fils in 2014.

Commenting on the results Ahmed Al Noman, the Chairman of the Board, expressed the Board's satisfaction with the interim results. He added that the success of the Bank's first debut bond issuance and the accomplishment of this transaction is testimony of the strong reputation of Bank of Sharjah.