Bank of Sharjah, UAE, achieved a net profit of 379 million dirhams for the nine months of 2020.

According to Arabiya Net, total assets amounted to 34.77 billion dirhams (31 December 2019: 31.75 billion dirhams), reflecting an increase of 10% and total equity of 3.27 billion Dirham (31 December 2019: 3.13 billion dirhams), reflecting an increase of 4%.

asset quality and other metrics remain robust as a result of a strict commitment to maintaining a structured and focused approach to lending, payments and sources of financing. The group continues to enjoy high liquidity and solid capital with a customer deposit base of AED 23.25 billion (December 31, 2019: AED 21.3 billion), reflecting an increase of 9% for the period, with the loan-to-deposit ratio reaching 84% (December 31, 2019: 83%). The cost to income ratio is 29% (31 December 2019: 57%).

The Group’s operations in Lebanon, through its subsidiary, Emirates and Lebanon Bank S.A.L. (ELBank), are witnessing an unprecedented situation resulting from the political and economic turmoil since October 17, 2019. The Group complied with Circular No. 13129 issued by the Central Bank of Lebanon (BDL) dated November 4, 2019, which calls for an increase in equity by 20% before June 30, 2020. It is important to confirm that the operating income of Emirates Bank S.A.L. ELBank before appropriations remains in line with the results of the comparative period last year.

However, the Group had to retrospectively record ECLs with the financial results for the first quarter, based on a very conservative assessment in identifying all expected credit losses (ECL) for the first half of the year, although the group had already taken the initiative to record the expected credit losses in the third quarter as a result of the massive explosion that occurred in Beirut on August 4, 2020. This resulted in a distortion between the results of the first half of the year and what was done It was recorded internally in the third quarter, which led to an increase in the levels of the group's capital adequacy ratios.

As a result of the foregoing, the Group's net profit and total comprehensive income for the nine months ending on 30 September 2020 amounted to 128 million dirhams and 146 million dirhams respectively. p>