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Bank of Sharjah approves distribution of shares

May 2016

May 3, 2016 | 13:45 | Sharjah

The General Assembly of Bank of Sharjah has approved to distribute 110 million treasury shares to the shareholders after obtaining the approval of the relevant authorities. The General Assembly had met on 30th April 2016, at the Radisson Blu Hotel, Chaired by Mr. Ahmed Al Noman, Chairman of the Board, and in the presence of Sheikh Mohamed Bin Saud Al Qasimi, Vice Chairman, and members of the Board, a statement said. In his speech, Mr. Al Noman stated that the oil prices plunged during 2015, affecting the economies of the oil rich GCC countries, as well as regional and international political and economic developments that imposed significant challenges on banks.

As such, the financial year 2015 has witnessed intense pressures but the bank proved its success and solidity of its business model as it was able to register a net profit of AED 250 million compared to AED 286 million for last year, while Comprehensive Income increased from AED 240 million in 2014 to AED 308 million in 2015.

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