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Bank of Sharjah - 20pc dividend

Bank of Sharjah's (BoS) board of directors will propose a 20 per cent cash dividend equivalent to Dh250 million ($68 million) to shareholders at the bank's General Assembly on February 10.

For the financial year ending December 31, Bank of Sharjah generated net profits of Dh320 million plus an increase of Dh62 million in shareholder equity due to cumulative changes in the fair value of investments.

The bank's total profits of Dh382 million represent a 23 per cent increase over 2005's profits of Dh310 million, without taking into account exceptional profits of Dh292 million in 2005.

The increase in net interest for 2006 was Dh171.4 million, up 13 per cent from Dh151.9 million in 2005. Net core banking income reached Dh262.4 million, up 11 per cent from Dh237.2 million in 2005.

Total assets grew by 31 per cent, from Dh5.749 billion on December 31, 2005 to Dh7.627 billion on December 31, 2006.

Total loans and advances increased 50 per cent, from Dh2.502 billion in 2005 to Dh3.757 billion last year. Customer deposits shot up 30 per cent, from Dh3.720 billion in December 2005 to Dh4.846 billion in December 2006.

Shareholder equity, factoring in the proposed cash dividend, increased Dh175 million or nine per cent, from Dh1.921 billion in 2005 to Dh2.096 billion in 2006.

"The bank was able to achieve excellent results in 2006 for both profitability and growth across its balance sheet despite the challenges posed by the local and regional financial markets," said general manager of Bank of Sharjah. Varouj Nerguizian.

Established in 1973, Bank of Sharjah is the largest financial institution in Sharjah in terms of capital and equity. It has three branches in the UAE: Sharjah, Abu Dhabi and Dubai.(TradeArabia News Service)

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