Bank of Sharjah reports 51pc drop in profits for 2018

17th June, 2019 09:43:00 printer

Dubai: 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.

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, report agencies.

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.