Abu Dhabi – Mubasher: The Bank of Sharjah on Monday announced a 9.6% year-on-year growth in net earnings during the fourth quarter of 2017.
Net earnings rose to AED 21.6 million ($5.9 million) during Q4-17 compared with AED 19.7 million ($5.36 million) a year earlier, according to the bank’s statement to the Abu Dhabi Securities Exchange (ADX).
On the other hand, the Bank of Sharjah’s full-year profits for 2017 fell 34% to AED 265 million from AED 402 million in 2016.
The bank attributed the sharp drop in earnings to a 240% surge in a net impairment loss on financial assets to AED 211 million from AED 62 million in 2016.
Moreover, operating expenses increased 5% to AED 296 million compared with AED 282 million in 2016.One of the largest banks in the emirate of Sharjah, the Bank of Sharjah is 17.2%-owned by the emirate’s government.
The Bank of Sharjah previously reported a 1% fall in net earnings to AED 265 million ($72.13 million) in the first nine months of 2017 from AED 268 million ($72.94 million) in the same period of 2016.
