gulfnews : Bank of Sharjah profit plunges to Dh152m

Bank of Sharjah's net profits fell to Dh152 million in the first half of 2010, down from Dh276 million a year earlier.

The bank blamed a slower than expected recovery of the UAE economy following the financial crisis and new risk classification measure introduced by the country's central bank.

'The political unrest which erupted in the MENA region at the beginning of the year continued to negatively impact the regional financial markets and economies,' said Varouj Nerguizian, executive director and general manager at Bank of Sharjah.

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