GrantThornton

Grant Thornton Audit and

Accounting Limited

(Dubai Branch)

The Offices S

Level 3

Office 302, 303, 308

One Central, DWTC

Dubai, UAE

P.O. Box 1620

T +9714 388 9925 F +9714 388 9915 www.grantthornton.ae

Report on Review of Condensed Consolidated Interim Financial Information to the Board of Directors of Bank ofShatjah P.J.S.C.

Introduction

We have reviewed the accompanying condensed consolidated interim statement offinancial position of Bank ofSharjah P.J.S.C. (the "Bank'') and its subsidiaries (collectively referred to as the "Group'') as at

  1. March 2024 and the related condensed consolidated interim statement of profit or loss, condensed consolidated interim statement ofcomprehensive income, condensed consolidated interim statement of cash flows and the condensed consolidated interim statement of changes in equity for the three-month periods then ended and explanatory notes. Management is responsible for the preparation and presentation ofthis interim financial information in accordance with InternationalAccountingStandard
  1. - Interim Financial Reporting (''IAS 34"). Our responsibility is to express a conclusion on this condensed consolidated interim statement information based on our review.

Scope ofReview

We conducted our review inaccordancewith the InternationalStandards on Review Engagements 2410, 'Review ofInterim Fina11tiall,iformation Pe,jon11ed � the IndependentA11ditor ofthe Entity'. A review of interim

financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit Accordingly, we do not express an audit opinion.

Basis for Quali.ied conclusion

Based on the information as disclosed under note 2.1 to this condensed consolidated interim financial information, the bank has excluded the comparatives column for the three-month period ended 31 March 2023, and hence does not conform with the requirements of IAS 34 paragraph

20 (b), (c) and (d), in the presentation of the condensed consolidated interim statement of profit or loss, condensed consolidated interim statement of comprehensive income, condensed consolidated interim statement of cash flows, condensed consolidated interim statement of changes in equity and where applicable the related notes.

1

© 2024 Grant Thornton UAE- All rights reserved. Grant Thornton UAE represents all legal licenses under which Grant Thornton Audit and Accounting

grantthornton.ae

Limited Corporation, A British Virgin Islands ("BVI") registered Branch, operate Tn the UAE. These licenses Include the Abu Dhabi, Dubai and Sharjah

based branches- Grant Thornton Audit and Accounting Lim lted- registered with the Abu Dhabi Global Market-Grant Thornton Audit and Accounting

Limited Corporation BVI - registered with the Dubai Financial Services Authority.

"Grant Thornton" refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients

and/or refers to one or more member firms, as the context requires. GTIL and the member firms are not a worldwide partnership. GTIL and each

member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and Its member

firms are not agents of. and do not obligate, one another and are not liable for one another1 s acts or omissions.

GrantThornton

Quali.ied Conclusion

Based on our review, with the exception of the matter described in the preceding paragraph, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance w:ith IAS 34.

/,

tr,'.,._

-�l'o\

..

�{hOr,.;.

G

...,

J

f._A}J}

71-)0ti

J

�ousAI-UJ.E.

r'

,_,,

, r pO Boll: 1S20

f

:5

GRANT THORNTON UAE

"

re'/

o,,, A . ,.,§/'

Dr. Osama El-Bakry

-�

Registration No: 935

Dubai, United Arab Emirates 1May2024

2

Bank of Sharjah P.J.S.C.

3

Condensed consolidated interim statement of financial position

As at

31 March

31 December

Note

2024

2023

(unaudited)

(audited)

ASSETS

AED'OOO

AED'OOO

4,558,295

Cash and balances with central bank

6

3,291,634

Deposits and balances due from banks

7

888,234

618,633

Loans and advances, net

8

22,327,120

22,067,850

Investments measured at fair value

9

649,420

359,472

Investments measured at amortised cost

9

7,362,441

7,367,938

Investment properties

1,102,753

1,102,753

Assets acquired in settlement of debts

1,062,149

1,078,084

Other assets

10

1,315,571

1,252,050

Derivative assets held for risk management

161

202

Properties and equipment

201,500

209,613

Subsidiary held for sale

2.1

844,790

844,790

Total assets

39,045,773

39,459,680

LIABILITIES AND EQUITY

Liabilities

26,342,597

Customers' deposits

11

26,016,833

Deposits and balances due to banks

12

1,473,273

1,916,341

Repo borrowings

13

1,963,195

1,702,312

Other liabilities

14

2,038,286

1,987,917

Issued bonds

15

4,007,000

4,004,998

Total liabilities

35,498,587

35,954,165

Equity

Capital and reserves

Share capital

3,000,000

3,000,000

Statutory reserve

1,050,000

1,050,000

Impairment reserve

215,020

190,316

Investment fair value reserve

(793,460)

(754,382)

Currency translation reserve

(386,675)

(386,675)

Retained earnings

461,319

404,932

Equity attributable to equity holders of the Bank

3,546,204

3,504,191

Non-controlling interests

982

1,324

Total equity

3,547,186

3,505,515

Total liabilities and equity

39,045,773

39,459,680

To the best of our knowledge, the condensed interim consolidated financial information presents fairly in all material respects the financial position, results of operations and cashflows of the Group as of, and for, the periods presented therein.

The condensed consolidated interim financial information was approved bythe Board of Directors and authorised for issue on 1 May2024

The accompanying notes I to 26 fonn an integral part of these condensed consolidated interim financial statements.

Bank of Sharjah P.J.S.C.

4

Condensed consolidated interim statement of profit or loss (unaudited)

for the three-month period ended

Notes

31 March

2024

AED'OOO

Interest income

502,800

Interest expense

(414,266)

Net interest income

88,534

Net fee and commission income

43,430

Exchange profit

5,463

Income on investments

3,850

Net income on properties

534

Other income

1,002

Operating Income

16

142,813

Net impairment loss on financial assets

(13)

Net operating income

142,800

Personnel expenses

(31,164)

Depreciation

(5,982)

Other expenses

(21,230)

Profit before taxes

84,424

Income tax expense

{4,096)

Net profit for the period

80,328

Attributable to:

80,670

Equity holders of the Bank

Non-controlling interests

(342)

Net profit for the period

80,328

Basic and diluted profit per share (AED)

19

0.03

The accompanying notes 1 to 26 fonn an integral part of these condensed consolidated interim financial statements.

Bank of Sharjah P.J.S.C.

5

Condensed consolidated interim statement of comprehensive income (unaudited) for the three-month period ended

31 March

2024

AED'OOO

Net profit for the period

80,328

Other comprehensive loss items

Items that will not be reclassified subsequently to consolidated statement of

profit or loss:

Net changes

in fair value of financial assets measured at fair value through

(39,078)

other comprehensive income (equity instruments)

Other comprehensive loss for the period

(39,078)

Total comprehensive income for the period

41,250

Attributable to:

41,592

Equity holders of the Bank

Non-controlling interests

(342)

Total comprehensive income for the period

41,250

The accompanying notes I to 26 form an integral part of these condensed consolidated interim financial statements.

Bank of Sharjah P.J.S.C.

7

Condensed consolidated interim statement of cash flows (unaudited}

for the three-month period ended 31 March

2024

Cash flows from operating activities

AED'OOO

Net profit before tax for the period

84,424

Adjustments for:

Depreciation of properties and equipment

5,982

Gain on sale of properties and equipment

(713)

Amortisation of premium on debt instruments

(12)

Provision for employees' end of service benefits

13,230

Gain on sale of assets acquired in settlement of debts

(3,738)

Net impairment loss on financial assets

13

Unrealized loss on assets acquired in settlement of debts

1,935

Dividends income

(1,065)

Operating profit before changes in operating assets and liabilities

100,056

Changes in:

Deposits and balances due from banks maturing after three months from dates of

placements

5,977

Statutory deposits with central bank

231,636

Loans and advances

(259,256)

Other assets

(102,540)

Customers' deposits

(325,764)

Other liabilities

42,269

Cash used in operations

(307,622)

Cash flows from investing activities

Purchase of properties and equipment

Proceeds from sale of properties and equipment

Payments to purchase financial assets at amortised cost, FVTPL and FVOCI Proceeds from disposal of investments

Proceeds from sale of assets acquired in settlement of debts Dividends received

Cash used in investing activities

Net decrease in cash and cash equivalents during the period

Cash and cash equivalents at the beginning of the period

Cash and cash equivalents at the end of the period

(2,377) 4,508 (328,890) 38,772 17,738 1,065 (269,184)

(576,806)

2,395,016

1,818,210

The accompanying notes 1 to 26 form an integral part of these condensed consolidated interim financial statements.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Bank of Sharjah PJSC published this content on 02 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2024 21:39:38 UTC.