Abu Dhabi – Mubasher: The Bank of Sharjah on Monday reported turning a profit in the fourth quarter of 2016, compared to losses in the corresponding period the year before, as well as its financial results for the full year ended 31 December 2016.
The Sharjah-listed bank posted AED 134 million ($36.47 million) in Q4-16 against AED 48 million ($13.07 million) in losses in same period in 2015, according to a bourse filing.
On the other hand, the bank posted AED 402 million in profit for FY16, registering a rise of 61% from AED 250 million in 2015.
Earnings per share (EPS) for 2016 were up by 60%, reaching 18.7 fils compared to 11.7 fils in 2015, according to the bank’s statement to the Abu Dhabi Securities Exchange (ADX).
The Bank of Sharjah succeeded in growing its loans and deposits portfolio, while maintaining high levels of liquidity and a low loan to deposit ratio, it said.
Total Assets reached AED 27 billion, down 2% from AED 27.587 billion as at 31 December 2015.
Similarly, customers’ deposits increased by 1% to AED 19.737 billion, compared to the balance as at 31 December 2015, which stood at AED 19.492 billion.
The bank’s board recommended a cash dividend distribution, which will be discussed by shareholders on 25 March 2017.
Worth noting, the bank distributed 110 million bonus shares to shareholders for 2015.
