Bank of Sharjah achieves record net profit of Dhs385 million in 2024
- 2 hours ago
Bank of Sharjah has announced its financial results for the year ended 31st December 2024, reporting a record profit before tax of Dhs416 million.
With net profit after tax soaring to Dhs385 million, the bank’s exceptional performance was driven by strong revenue growth, effective cost control measures, and prudent risk management.
Commenting on the results, Sheikh Mohammed Bin Saud Al Qasimi, Chairman of the Bank of Sharjah, stated, “We are proud of our outstanding performance in 2024, which reflects the effectiveness of our strategic initiatives in a dynamic market environment. The UAE economy has demonstrated remarkable resilience, continuing to register healthy growth driven by economic diversification initiatives that foster trade, investment, and wealth creation. We have leveraged these opportunities to drive long-term value for our customers, shareholders, and communities.”
Mohamed Khadiri, Chief Executive Officer of Bank of Sharjah, commented: “2024 has been an exceptional year for Bank of Sharjah, with the bank achieving record profitability. I am delighted with our stellar performance as we continue to reinforce the bank’s fundamentals.”
Khadiri added, “We have made significant progress in strengthening our operational foundation, optimising resources, and aligning our business model to achieve sustainable growth. Our results also highlight the bank’s success in delivering high-quality financial services that meet the evolving needs of our customers.”
On expectations moving forward, Khadiri said, “Bank of Sharjah is a strong and trusted financial institution within the local community. We continue to leverage our core strengths to build a robust platform that operates at its full potential in the UAE and the region. With a clear strategic vision, the bank is well-positioned to sustain a strong performance in 2025 and beyond.”
The ADX disclosure showed operating income nearly tripling, from Dhs271 million in the preceding year to Dhs727 million in 2024, yielding a 150 per cent increase in net operating income to Dhs682 million. Customer deposits registered a 13 percent increase to reach an unprecedented Dhs29.7 billion in 2024.
