Bank of Sharjah, half year profits increased by 115 per cent compared to the same period of last year.
Bank of Sharjah’s un-audited financial results show that the bank’s performance during the first six months of 2005 yielded AED 130 million in net profits compared to AED 60.4 million for the same period last year – a significant growth that almost matches the bank’s total profits for 2004, which stood at AED 137 million. All items of the Balance Sheet and Profit and Loss Statements saw substantial increases.
Customer deposits from January to June 2005 rose 27.4 per cent to hit AED2.570 billion from AED2.018 billion and total assets grew by 33 per cent from AED3.058 billion in June 2004 to AED4.073 billion in June this year, while over the same period advances increased by 46.1 per cent to reach AED2.400 billion from AED1.701 billion as of June 2004.
“Our continuing high performance stems from effective balance sheet management and providing unrivalled, value-added services to our customers. The bank’s performance across all business segments is in line with our targeted growth for the year,” said Varouj Nerguizian, General Manager, Bank of Sharjah.
Bank of Sharjah also reported a growth in their total equity of 53 per cent to AED1.456 billion from AED952 million. Net interest income grew by 72 per cent from AED46.1 million to 79.3 million, while total expenses progressed by 17 per cent to AED28.9 million from AED24.6 million for the same period of last year. Net commission and other income reached AED79.6 million against AED38.9 million – a progression of 72%. It is important to note that the ratio of commissions and other income/net interest income grew from 84.3 per cent to 100.3 per cent.
Nerguizian added: “Bank of Sharjah’s position as a leading local corporate bank with a reputation for prudent decision-making is benefitting from the hugely positive business environment here in the UAE. After this impressive performance, we are confident that the second half of the year will see us exceeding these growth figures by far.”
The growth of the bank can be contributed to its willingness to set new standards for the industry and to explore new projects.”
