The bank of Sharjah today reported a net profit of Dh125 million for the first half of 2012, down 18 per cent compared to Dh152 million reported in the corresponding period last year.
The bank capitalised on its core activity and increased net interest income by five per cent. This was achieved by reducing the cost of funding, mainly on customer deposits, despite the increase in deposits. Also, net fees and commissions income increased by seven per cent.
The bank’s non-interest income declined by 31 per cent – despite the seven per cent improvement in the commission and fees income during the period which was reflected in the overall five per cent slump in total income, the bank said in a statement.
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