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Bank of Sharjah Expects Profit to Rise Up to 30% in 2013, 2014

Dec. 16 (Bloomberg) -- Bank of Sharjah sees profit rising between 25 percent and 30 percent both this year and next on increased financing activity and lower provisions for bad debt.

“We’ve had a very good year,” Varouj Nerguizian, executive director and general manager at Bank of Sharjah, told reporters in the emirate late yesterday. “We expect profitability to be higher by between 25 percent to 30 percent.”

In 2014, the bank will grow at similar levels with loan growth expected to be about 15 percent to 20 percent, he said. Dubai’s successful bid to host the World Expo 2020 exhibition and the potential for increased trade with Iran, if economic sanctions against the country are eased, will help growth, Nerguizian said.

“We expect the reduction of tensions between the U.S. and the West and Iran to be extremely positive for the banking industry,” Nerguizian said.

Bank of Sharjah posted a 23 percent increase in nine-month profit from a year ago as net operating income climbed. The shares have gained 32 percent this year.

To contact the reporter on this story: Matthew Martin in Dubai at mmartin128@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

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