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Bank of Sharjah profit rises 16%, liquidity up 17%

Bank of Sharjah P.J.S.C. (BOS:ADX) has announced a 16 percent increase in net profit during the first six months of 2015, with net profit reaching AED 176 million (US$ 48m) compared with AED 152 million (US$ 41m) during the same period last year. Strong growth in loans and advances contributed to growth, while boosting bank liquidity and capital.

Loans and advances reached AED 15,459 million (US$ 4,210m) by mid-year, 11 percent above the corresponding 30 June 2014 figure of AED 13,947 million (US$3,798m), and 10 percent more than the 31 December 2014 balance of AED 14,080 million (US$ 3,834m).

Bank of Sharjah’s total assets reached AED 26,946 million (US$ 7,338), an increase of 13 percent over the corresponding 30 June 2014 figure of AED 23,805 million. The increase was mainly driven by AED 829 million (US$ 226m) in customers’ deposits, 5 percent up on H1 2014.

Liquid assets reached AED 6,236 million (US$ 1,698m) as at 30 June 2015, 17 percent more compared to the same period of 2014 at AED 5,352 million (US$ 1,457m). According to the bank, net interest income increased by 22 percent compared to the corresponding period of 2014, which translated into a 17 percent increase in the net operating income reaching AED 316 million (US$ 86m) during the first half of 2015.

Bank of Sharjah issued its debut US$ 500 million (AED 1.84b) 5-year senior unsecured bond in June 2015. According to lead arrangers, the bond was oversubscribed, while credit rating agency Fitch, assigned a rating of BBB+(EXP) to Bank of Sharjah’s Cayman Islands registered BoS Funding Limited, the issuer of the bond.

Bank of Sharjah and its subsidiaries provides commercial, retail and investment banking solutions in the UAE and internationally.

Source: Bank of Sharjah

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