The Bank of Sharjah on Monday reported Dh218 million net profit for the first nine months of 2012, up 1 per cent compared to the corresponding period in 2011.
The increase in net income was driven by the 5 per cent increase in net interest income as the bank capitalised on its core banking activity and managed to reduce the cost of funding, mainly on customer deposits.
During the period, the bank continued to enhance its balance sheet structure with total assets increasing by 5 per cent. The increase in assets was underpinned by the growth in customer deposits.
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