Bank of Sharjah reports H1 2016 net profit of AED176 mln
Date
7/25/2016 12:27:23 AM
(MENAFN- Emirates News Agency (WAM))
SHARJAH, 24th July 2016 (WAM) --- Bank of Sharjah today said its net profit for the first half of 2016 has reached AED176 million, while its earnings per share for the period fell down by two per cent to 8.1 fils, compared to 8.3 fils in 2015.
The bank, in a press release announcing its financial results for the six months ending on 30th June, 2016, said that over this period, it "continued to adopt a very conservative credit policy and reduced expensive deposits while maintaining high levels of liquidity and a considerably low loan to deposit ratio."
The bank's total assets reached AED 26,289 million, a two per cent decrease over the corresponding 30 June 2015 balance of AED26,946 million. When compared to the 31st December 2015 balance, Total Assets decreased by five per cent.
Its customers' deposits reached AED18,200 million, a two per cent decrease over the corresponding 30th June 2015 balance of AED18,630 million. When compared to the 31st December 2015 balance, customers' deposits decreased by seven per cent from AED19,492 million.
Net liquidity remains high compared to industry levels at AED 5,629 million as at 30 June 2016, a 10 per cent decrease from the same period of 2015 at AED6,236 million, and 25 per cent less than 31st December 2015 balance of AED 7,463 million, the bank said.
Total equity as at 30th June 2016 stood at AED4,781 million, or seven per cent above the balance for the corresponding period of 2015, and three per cent more than the 31st December 2015 balance of AED 4,622 million.
Commenting on the results, Chairman of the Board of the Bank of Sharjah, Ahmed Al Noman, expressed the board's satisfaction with the "consistency of the bank's interim results" and stressed that the UAE banking industry is likely to witness further consolidation.
WAM/MMYS