Arab Today, arab today bank of sharjah profit plunges to dh152m
Last Updated : GMT 18:07:16
Arab Today, arab today
Arab Today, arab today

Bank of Sharjah profit plunges to Dh152m

Arab Today, arab today

Arab Today, arab today Bank of Sharjah profit plunges to Dh152m

Sharjah - Arabstodaya

Bank of Sharjah\'s net profits fell to Dh152 million in the first half of 2010, down from Dh276 million a year earlier. The bank blamed a slower than expected recovery of the UAE economy following the financial crisis and new risk classification measure introduced by the country\'s central bank. \"The political unrest which erupted in the MENA region at the beginning of the year continued to negatively impact the regional financial markets and economies,\" said Varouj Nerguizian, executive director and general manager at Bank of Sharjah. \"This, coupled with the sovereign debt crisis, has revived concerns over global recovery which in turn resulted in a slower than expected recovery of the UAE economy. This could prove challenging to the banking industry in 2011 considering the subdued economic environment. Article continues below \"Moreover, the adoption of new accounting standards has brought us into uncharted territory regarding the recognition of actual profit and thereafter its distribution,\" he added. Bank of Sharjah constituted a further Dh70 million of collective impairment provisions during the second quarter of 2011. As of June 30, 2011, the bank\'s collective impairment provisions reached Dh432 million, of which Dh90 million was constituted during the first half of 2011 versus nothing in the first half of 2010, which caused the 45 per cent decline in the current year net income. This in turn led to the drop in the earnings per share figure. But the bank was upbeat, with total assets increased 13 per cent from a year earlier, at Dh21.3 billion compared to Dh18.7 billion, and liquidity surging by 73 per cent in the first half of 2011. As of June 30, 2011, the results revealed, the bank\'s net liquidity stood at Dh5 billion versus Dh.9 billion in the corresponding period of 2010. Reflective of reality \"While profitability is lagging behind due to general provisions, effective performance should be compared to the average of 2010, as the year-end figures are more reflective of the reality than the quarterly figures,\" Nerguizian said. \"In an uncertain environment prudential provisioning remains the key to meet the unexpected. In the first half of 2011, Bank of Sharjah has demonstrated the underlying strength of its core business operations. In particular, the bank has witnessed a significant increase in its deposit base and liquidity position.\" In the second quarter of 2011, net interest income registered a five per cent increase over the first quarter of 2011 despite the five per cent increase in customer deposits during the second quarter, due to the reduction of interest rates on these deposits during this period.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bank of sharjah profit plunges to dh152m Arab Today, arab today bank of sharjah profit plunges to dh152m

 



Arab Today, arab today
Arab Today, arab today Rabia Fatima reveals role of "Facebook" in her career

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday