Dubai
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Bank of Sharjah revised on Sunday its earnings figures for 2018, reporting a 51 per cent year-on-year drop in its profits, which reached Dh129.7 million compared to Dh264.8 million in 2017.
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The figures released in its full financial statement were adjusted from preliminary results issued by the bank to the Abu Dhabi bourse in mid-February that showed a jump in profits for the year by 33 per cent to Dh352 million.
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The latest set of audited figures showed a decline in non-interest income by 33 per cent while impairment costs rose by 19 per cent to reach Dh251.8, both of which hurt the bank’s profitability.
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In comparison, the net impairment loss reported in the preliminary results in February showed a drop of 84 per cent. It is unclear what caused the vast difference between preliminary and audited figures.
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In 2018, the Bank of Sharjah was also hit by a Dh25.6 million revaluation loss on properties, as its net fee and commission income dropped, too. Interest income, however, was 10 per cent higher year-on-year.
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General and administrative expenses for the year went up by 17.5 per cent to Dh317.4 million.
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On the balance sheet side, key figures were also lower compared to 2017, with customer deposits as well as loans and advances each falling by 7 per cent to Dh20.1 billion and Dh16.2 billion respectively. The bank’s net liquidity fell by 28 per cent in 2018 to Dh5.69 billion.
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In its management and analysis report, Bank of Sharjah’s board of directors did not elaborate on the earnings drop or provide comments on their outlook.
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