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Bank of Sharjah logs AED 445m accumulated losses

Bank of Sharjah logs AED 445m accumulated losses
The group's operations in the UAE demonstrated resilient performance
BOS
BOS
-0.19% 0.53 -0.00

Abu Dhabi – Mubasher: Bank of Sharjah has incurred accumulated losses of AED 444.909 million, accounting for 21.19% of the capital, as of the first quarter (Q1) of 2020.

The accumulated losses are attributed to the political and economic turmoil which has been witnessing by the group's operation in Lebanon, through its subsidiary Emirates Lebanon Bank SAL, since 17 October 2019, according to a recent bourse filing.

To tackle the accumulated losses, the group has been supported by the developments that impacted markets where it operates in during the first nine months of 2020.

Meanwhile, the group's operations in the UAE demonstrated resilient performance, and the accumulated losses to capital ratio declined to 12.5% and 7.9% in the second and third quarters of 2020, respectively.

It is noteworthy to mention that during the first nine months of 2020, the bank showed net profits of AED 128.385 million, down from AED 172.011 million in the same period of 2019