Mubasher: Bank of Sharjah (BOS) posted a decline in its profits by 13.6% year-on-year in its profits during the first half of 2017, according to a bourse statement.
Profits amounted to AED 152 million ($41.3 million) in H1-17, compared to AED 176 million ($47.9 million) in H1-16.
Earnings per share (EPS) declined by 14% to 7.0 fils in H1-17, compared to 8.1 fils in the same period of 2016.
The bank’s total assets reached AED 28.504 million in H1-17, an increase of 8% from AED 26.289 million in H1-16.
Revenues grew 8% to AED 300 million in H1-17, compared to AED 327 million in H1-16.
“The net profit was affected mainly by a marginal increase in cost of funds, and equity was affected by the distribution of cash dividends and the downturn in the market value of strategic investments,” according to chairman Ahmed Al Noman.
“While it is too early to predict year-end figures, we expect a sustained performance during the second half to meet comfortably the budget of 2017,” Al Noman said.
