Abu Dhabi – Mubasher: Bank of Sharjah registered net losses valued at AED 143.87 million in the first half (H1) of 2023, down from AED 195.49 million in H1-22.

Operating income stood at AED 224 million in the January-June 2023 period, lower year-on-year (YoY) than AED 359.98 million, according to the consolidated interim income statements.

Meanwhile, the basic and diluted loss per share hit AED 0.06 in the first six months (6M) of 2023, versus AED 0.08 a year earlier.

The total assets amounted to AED 39.52 billion as of 30 June 2023, while the customers’ deposits reached AED 25.28 billion.

Mohammed bin Saud Al Qasimi, Chairman of Bank of Sharjah, commented: "In March, the bank successfully completed a $500 million bond issuance at a competitive price, which strengthened the Bank's overall liquidity position as well as diversified its long-term funding.”

“This was followed by an increase of the bank's capital by an amount of AED 800 million in June in favour of the government of Sharjah, raising its stake to just under 40%, thereby reflecting its strong support,” Al Qasimi mentioned.

He concluded: “Finally, the bank approved the implementation of de-linking its Lebanese subsidiary, Emirates Lebanon Bank, from Bank of Sharjah Group. This will improve the transparency of the bank's actual operating performance without distortions attributed to the hyperinflation standard."

Last year, the ADX-listed firm turned to net losses worth AED 159 million, compared to net profits of AED 42 million in 2021.