Bank of Sharjah’s half-yearly profits for 2006 touched AED 126 million compared to AED 130 million in 2005.
According to a statement released by the bank yesterday, core banking profits reached AED 159 million against AED 118 million for June 2005 – a growth of 35 per cent.
The bank’s assets increased by 9 per cent from AED 5,748 million to AED 6,246 million. Customer Deposits and Convertible Bonds increased by 16 per cent reaching AED 4,326 million.
Customer advances reached AED 3,129 million, up 25 per cent. Total Equity after appropriation of 2005 profits reached AED 1,805 million. Total off balance sheet reached AED 4,783 million against AED 3,313 million – an increase of 44 per cent.
General and Appropriation Expenses were maintained at the same level of 2005 despite the growth in the volume of operations.
The bank also pointed out that the Quintetta Program for the nationalisation of its workforce had been successful, with the board allocating a budget of AED 10 million to further promote the training of nationals.
The bank recently obtained the approval of the UAE Central Bank to increase its foreign shareholding from 20 per cent to 30 per cent; an Extraordinary General Assembly will be held in September to ratify this proposal.
Expansion plans are being extensively pursued by strategic acquisitions in financial and telecommunication sectors.
