Bank of Sharjah net profit reaches Dhs80m in first quarter

Bank of Sharjah has reported a strong start to 2024, with first-quarter results showcasing a significant increase in net profit to Dhs80 million.

The Bank’s robust metrics are the result of strict adherence to a focused approach to funding, lending, and operational effectiveness. In this regard, the Bank has demonstrated comfortable liquidity, with a customer deposit base of Dhs26 billion (31 December 2023: Dhs26.3 billion), a loans-to-deposits ratio of 85.82% (31 December 2023: 83.77%), and strong capitalization with Regulatory Capital Adequacy Ratio of 14.33% (31 December 2023: 14.67%) and Regulatory Tier 1 and CET1 Capital Ratios of 13.14% (31 December 2023: 13.49%). The sound financial performance is reflective of the Bank’s solid business fundamentals coupled with prudent risk management practices.

Commenting on the Bank’s results, Sheikh Mohammed Bin Saud Al Qasimi, Chairman of Bank of Sharjah, stated: “ Our strong performance in the first quarter of 2024 reinforces our commitment to delivering long-term sustainable value to our customers, communities, and shareholders. Amid global economic uncertainty, the UAE economy continues to thrive, presenting opportunities for growth. Bank of Sharjah is well positioned to benefit from this momentum, further supported by the reignited energy of the new leadership team, focused on growth, building new revenue streams, and delivering exceptional service to customers.” Sheikh Mohammed Bin Saud Al Qasimi added: “Q1 performance is a testament to the effectiveness of our new strategy and we look forward to delivering continued growth for the years to come.”

In addition, the CEO, Mohamed Khadiri commented: “I am extremely delighted with our impressive Q1 results which reaffirm our confidence in the new strategy. We have adhered to the basic principles of banking by enhancing human capital, focusing on business development while practicing prudent risk management, providing innovative solutions to customers, and improving operational effectiveness.”

Khadiri added: “As one of the UAE’s oldest financial institutions, Bank of Sharjah has immense potential for growth, and I am excited about our future prospects. I am confident that as we progressively implement our new strategy, we are establishing a strong foundation for sustainable growth in future.”

Bank of Sharjah was established on December 22, 1973, by Emiree decree issued by His Highness Dr Sheikh Sultan bin Mohammed Al Qasimi, Member of the Supreme Council Ruler of Sharjah and its Dependencies. Banking operations started in May 1974. The Bank was the first financial institution in Sharjah, the fifth in the Federation and the first to make 40% of its capital available for public subscription.