Bank of Sharjah today announced its financial results for the three months ending March 31, 2012, revealing the strength of its balance sheet, soundness of its assets quality, and continued growth with total income and operating profit before impairment charges increasing both by 15%.
During the first quarter of 2012, net interest income increased by 10% compared to the corresponding period of 2011. This increase was driven by the decrease in the cost of funding, mainly on customer deposits, despite the 5% increase in deposits.
Furthermore, Non-interest income for the quarter increased by 34% compared to the corresponding period of 2011. This was driven by gains on the traded investments portfolio, as a result of the improvement witnessed by the UAE stock markets during the quarter.
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