Abu Dhabi – Mubasher: Sharjah Islamic Bank reported a 2.7% decline in its net profits for the first quarter of 2015, down to AED 107 million ($29.125 million) compared to AED 110.03 million ($30 million) in the same period in 2014, according to a bourse filing on Wednesday.

Earnings per share (EPS) dropped 20% to 4 fils, down from 5 fils in Q1-14, the bank said, adding that revenues retreated 5% to AED 248.84 million compared to AED 262 million in the same period in 2014.

Operating and administrative expense grew 6.8% to AED 107.4 million, up from AED 100.5 million in Q1-14.

The Islamic bank previously reported a 4.4% decline in annual profits for 2014 to AED 82.2 million compared to AED 86 million in 2013. Shareholders approved a 10% cash dividend, amounting to 10 fils per share, totalling AED 242.6 million.