Sharjah 24: Bank of Sharjah has reported a strong start to 2024, with first-quarter results showcasing a significant increase in net profit to AED80 million.

Results of the first quarter show a noticeable improvement as a result of the increase in net interest income, operating income, and a decrease in operating costs.

The Bank's robust metrics result from strict adherence to a focused approach to funding, lending, and operational effectiveness. The Bank has demonstrated comfortable liquidity, with a customer deposit base of AED26 billion (31st December 2023: AED26.3 billion) and a loans-to-deposits ratio of 85.82% (31st December 2023: 83.77%).

The Bank reported strong capitalisation with a Regulatory Capital Adequacy Ratio of 14.33% (31st December 2023: 14.67%) and Regulatory Tier 1 and CET1 Capital Ratios of 13.14% (31st December 2023: 13.49%). The sound financial performance reflects 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 that the bank’s strong performance in the first quarter of 2024 underscores its commitment to providing long-term sustainable value to customers, communities and shareholders. 

Al Qasimi added that 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.
Al Qasimi confirmed that the performance of the first quarter constitutes tangible evidence of the effectiveness of the new strategy, and he looks forward to achieving more growth in the coming years.

Mohamed Khadiri, CEO of the Bank, commented that he is extremely delighted with the impressive Q1 results, reaffirming the bank’s confidence in the new strategy. Khadiri stated that the bank adhered to the basic principles of banking by enhancing human capital, focusing on business development while practising prudent risk management, providing innovative solutions to customers, and improving operational effectiveness.

About Bank of Sharjah:

Bank of Sharjah was established on December 22, 1973, by an Amiri decree issued by His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of the Emirate of Sharjah. The Bank began its operations in May 1974. Bank of Sharjah is the first financial institution in Sharjah and the fifth in the UAE. It is the first bank to offer 40% of its capital for public subscription.