Bank of Sharjah profit up 16%

(MENAFN- Khaleej Times)Bank of Sharjah on Sunday announced its financial results for the six months of the year ending June 30 2015 showing that net profit for the first half increased by 16 per cent to reach Dh176 million compared with Dh152 million for the same period of 2014.

The bank continued to grow its loan book while maintaining the solid structure of its balance sheet with high levels of both liquidity and capital.

Total assets reached Dh26946 million an increase of 13 per cent over the corresponding June 30 2014 figure of Dh23805 million and of eight per cent from Dh25054 million compared to the December 31 2014 figure. This was mainly driven by Dh829 million or a five per cent increase in customers' deposits.

Loans and advances reached Dh15459 million 11 per cent above the corresponding period last year and 10 per cent more than the end of 2014's Dh14080 million.

Net liquidity reached Dh6236 million as at June 30 2015 17 per cent more compared to the same period in 2014 at Dh5352 million and two per cent higher than the December 31 2014 balance of Dh6085 million.