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BoS posts 61% increase in 2016 net profit at Dhs402 million
By our business bureau February 07, 2017
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SHARJAH: Bank of Sharjah (BoS) on Monday reported its financial results for the year ended December 31, 2016.

During the year, the Bank continued to grow its loans and deposits portfolio while maintaining high levels of liquidity and a low loan to deposit ratio.

Total Assets reached Dhs27,097 million, a decrease of 2 per cent over the corresponding 31 December 2015 figure of Dhs27,587 million.

Customers’ Deposits reached Dhs19,737 million, a 1 per cent increase over the corresponding 31 December 2015 balance of Dhs19,492 million.

Loans and Advances reached Dhs16,958 million, 13 per cent above the corresponding figure of Dhs15,037 million as at December 31, 2015.

Net Liquidity reached Dhs5,542 million as at December 31, 2016, a decrease of 26 per cent compared to 2015 year figure of Dhs7,463 million.

Total Equity as at December 31, 2016 stood at Dhs4,599 million after payment of 2015 dividends compared to Dhs4,622 million for the corresponding year of 2015.

Net Interest Income decreased by 5 per cent compared to the corresponding figure of the year 2015, Non-Interest Income increased by 24 per cent while net impairment loss on financial assets decreased by 39 per cent, which was reflected in a 30 per cent increase in the net operating income to reach Dhs695 million for the year 2016, compared to Dhs536 million for the year 2015.

Net profit for the 12 months ending December 31, 2016 reached Dhs402 million, against Dhs250 million for 2015, up by 61 per cent. Earnings per share for the year 2016 were up by 60 per cent and reached 18.7 fils compared to 11.7 fils in 2015.

Total Comprehensive Income for the year decreased by 31 per cent to Dhs213 million versus Dhs309 million for the year of 2015.

Capital Adequacy ratio kept its strong level and stood at a high of 22.70 per cent in 2016, versus 21.13 per cent in 2015.

The Board of Directors approved to convey the General Assembly to be held on March 25, 2017, a proposal to distribute cash dividend to be disclosed once the Central Bank approval is obtained.

Commenting on the results Ahmed Al Noman, the Chairman of the Board, expressed the Board’s extreme satisfaction with the Bank’s 2016 results.

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