Abu Dhabi – Mubasher: Bank of Sharjah, listed on the Abu Dhabi Securities Exchange (ADX), on Sunday announced it has reported a 38% year-on-year decline in net profits for the first quarter of 2019.

Net profit reached AED 52 million for the three-month period ended 31 March 2019, versus AED 84 million in the year-ago period, the ADX-listed bank said in a statement.

Net operating income totalled AED 127 million for Q1-19, down 23% year-on-year from AED 165 million, Bank of Sharjah added.

Earnings per share (EPS) stood at 2.5 fils during the first three months of 2019, versus 4 fils in the prior-year period.

The bank’s total assets amounted to AED 30.11 million as at 31 March 2019, rising 4% from AED 29.011 million at the end of December 2018.

Meanwhile, loans and advances increased by 6% at the end of March 2019 to AED 17.252 million from AED 16.214 million as at 31 December 2018.

Customers’ deposits totalled AED 20.215 million at the end of last March, slightly down from AED 20.119 million at the end of 2018.

The lender’s net liquidity fell by 18% to AED 4.681 million as at 31 March 2019 from AED 5.688 million as at 31 December 2018.

In 2018, Bank of Sharjah posted a 33% year-on-year increase in profits, recording AED 352 million, compared to AED 265 million in 2017.

In June, the US-based credit rating agency Fitch Ratings announced it affirmed Bank of Sharjah's long-term issuer default rating (IDR) at 'BBB+' with a stable outlook.