1300 million dirhams book losses for Bank of Sharjah

1300 million dirhams book losses for Bank of Sharjah
1300 million dirhams book losses for Bank of Sharjah

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Bank of Sharjah announced its interim consolidated financial results for the period ending on September 30, 2021. Despite the challenging circumstances, the group’s operations in the UAE showed a resilient performance backed by solid assets of the bank.

The group continues to enjoy high liquidity and solid capital, with a customer deposit base of 25.17 billion dirhams. The group’s operations in Lebanon, through its subsidiary, Emirates and Lebanon Bank, since October 17, 2019, are witnessing the repercussions of unprecedented events, as the group complied with Circular No. 13129 issued by the Central Bank of Lebanon on November 4, 2019, which calls for an increase in shareholders’ equity by 20 percent. % before June 30, 2020. The operating income of Emirates and Lebanon Bank, before provisions and the application of hyperinflation criteria, remained at the same levels as last year.

The impact of the adoption of hyperinflation accounting on the audited data in the consolidated shareholders’ equity was positive and amounted to 391 million dirhams on September 30, 2021, which represents the difference between the negative change of 1.475 million dirhams on profit and loss figures and the positive change of 1.866 million dirhams on total shareholders’ equity . The consolidated net profit before hyperinflation was 175 million dirhams.

When recording an amount of 1,475 million dirhams as a result of the application of hyperinflation, the group recorded a book loss of 1,300 million dirhams and a comprehensive loss of 1,252 million dirhams against a positive reflection on shareholders’ equity of 1,866 million dirhams.

Sheikh Mohammed bin Saud Al Qasimi, Chairman of the Board of Directors of the Bank of Sharjah, said that despite the challenges of the outbreak of the “Covid 19” epidemic, the bank’s performance was exceptionally good and achieved positive and important results that moved in light of the excessive inflation from profits and losses directly to shareholders’ equity. From the board’s point of view, protecting shareholders’ rights remains the priority.

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