PE (annualised) 6.5 8.8 8.3 27% -6.1% 10.1 5.6 -44%
Price to Book Value (PBV) 1.8 1.3 0.6 -66% -56% 1.8 0.6 -66%
Profit Margin (ROS) 110% 99% 86%
Return on Assets (ROA) 5.8% 3.8% 1.8% -70% -54% 3.7% 2.6% -31%
Return on Equity (ROE) 27% 15% 7.2% -73% -53% 18% 11% -39%
Limited information in preliminary results statement and press release (see next post). PE, ROA, and ROE are annualised figures. BOS 4th quarter data not supplied so Q4 figures calculated from FY and M9 data but are not confirmed. Revenue (Interest Income) and Gross Profit (Net Interest Income) figures not supplied. Substantial increases in Overdrafts and Commercial Loans presumably responsible for big increases in Total Assets and Total Liabilities based on details in 30 September 2008 Balance Sheet (31 December 2008 Balance Sheet details not supplied).
BOS shares were suspended from trading for the first hour or so (results were released after normal trading started). Share price was 10% limit up to AED 1.40 in thin trading but that was probably stifled somewhat by the lack of willing sellers in the queue. The ADX index was up 1.1% today.
Bank of Sharjah dividends (yields are as of result date, not current date)
(BOS) Bank of Sharjah announces preliminary annual financial results for 2008
(BOS) Bank of Sharjah issues press release on 2008 financial results
(BOS) Result of Bank of Sharjah board meeting
Bank of Sharjah Consolidated Profits Reach AED 410 Million
Total group assets up by 47%
Code:
2008 2007 %
AED (000) AED (000)
Total Assets 15,820,462 10,789.186 +47%
Shareholders Equity 3,834,389 2,298,316 +67%
Revenue (Operating Income) 694,028 498,599 +39%
Net Profit 410,026 404,001 +2%
Earnings per share 0.24 0.25
Capital Adequacy Ratio 22% 25.3%
Sharjah, UAE: The Board reviewed the 2008 consolidated financial results of the Bank and its subsidiaries, and expressed its satisfaction with the excellent results that crown the 35th anniversary celebration ofthe Bank.
Net consolidated profit reached AED 410 Million against AED 404 Million in 2007. The Bank maintained its profitability despite important General Provisions of AED 70 Million for Credit Portfolio, and AED 98.4 Million towards Permanent Impairment of Available for Sale Investments.
Net Interest Income grew by 61%, and Fee & Other Income, by 38% to reach AED 167 Million excluding Investment Income.
Investment income, despite difficult market conditions grew by 7%.
Net Operating Income grew by 39%, to reach AED 694 Million.
It is important to Note that on 30th September 2008 the Bank successfully acquired through its Lebanese subsidiary Emirates Lebanon Bank SAL the assets & liabilities of BNPI in Lebanon. The contribution of the acquisition to the Consolidated Profit & Loss of the group was negligible. Full contribution win be materialized in 2009.
Total Assets grew to AED 15.8 Billion up by 47% from AED 10.8 Billion in 2007.
Equity reached AED 3.8 Billion up by 67%, from AED 2.3 Billion, due to the successful conversion of the Bonds in March 2008.
Total Equity represented a high 24% of Total Assets, and Capital Adequacy ratio stood at 22%.
Total Customer Deposits reached AED 10,1 Billion up by 60% against AED 6.3 Bi11ion.
Total Facilities reached AED 10.3 Billion up by 95% against AED 5.3 Billion.
Total Off Balance Sheet reached AED 7.9 Billion against AED 5.4 Billion up by 40%.
The Board decided subject to the approval of the UAE Central Bank, to propose to the General Assembly the following appropriations:
- 15% Cash Dividends.
- 15.11% Bonus Issue to increase the Paid Up Capital to AED 2 Billion by transferring AED 262,537,914 from Reserves.
Mr. Ahmed Al Noman, Chairman of the Board, declared that Bank of Sharjah performed extremely well in a very challenging global economic context.
The results and achievements of 2008, are the culmination of years of planning, emphasizing the strength of the Bank to withstand turbulent times, thanks to the conservative credit, investment and liquidity policies that have been put in place and enforced since the inception of the Bank.
Bank of Sharjah had no exposure to the subprime crisis nor to any of the failed financial institutions.
Fitch Ratings reconfirmed Bank of Sharjah rating as -A in February 2009, and outlook stable, reflecting the bank's strong capitalization, satisfactory profitability and asset quality and adequate liquidity.
An excellent result considering the current turmoil in local stock and property market- I lack sharewadi's analytical ability or knowledge to further or contradict any summation he presented---
As an investor in BOS stocks for several years, I am satisfied or rather over joyed considering the proposed cash and stock dividend- I salute the management for carrying out prudent and cautious policies to avoid being caught up in international financial crises-
This is the best news that an investor could look forward to hear-- A generous pay outs like BOS would go a long way to restore investors confidence in local stock markets--
I am an investor and not a day trader so that an annualized return like BOS keeps my hopes alive, no matter what price the stock is attracting currently in trading--
Can we expect any generous payout from any of Dubai based companies?
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