Dubai
Bank of Sharjah’s UAE operations reported an a net profit of Dh379 million for the nine-month period of 2020 comapred to Dh172 million in the same period last year.
Despite all challenging environments, the Group’s UAE operations demonstrated resilient performance underpinned by the robust fundamentals of the bank. The bank’s consolidated net protifs for the nine months including the results of its Lebanese subsidary Emirates Lebanon Bank SAL (ELBank) stood at Dh128 million, compared to Dh172 million for the same period of 2019.
Decline in overall net profits of the period is attributed to unprecedented events in Lebanon stemming from political and economic turmoil since 17 October 2019. The Group has complied with Banque du Liban Circular No. 13129, dated 4 November 2019, calling for the increase by 20 per cent of the equity of Lebanese banks prior to 30 June 2020. — Gulf News
