News DeskSharjah, UAE – Bank of Sharjah has announced impressive financial results for the first quarter of 2024, with net profit surging to AED 80 million.
The bank’s robust performance is attributed to its disciplined approach to funding, lending, and operational efficiency. Key highlights include a strong customer deposit base of AED 26 billion, a healthy loans-to-deposits ratio of 85.82%, and solid capitalization with a regulatory capital adequacy ratio of 14.33%.
Commenting on the results, Sheikh Mohammed Bin Saud Al Qasimi, Chairman of Bank of Sharjah, said the strong Q1 performance reinforces the bank’s commitment to delivering sustainable value to customers, communities, and shareholders. He noted that amid global economic uncertainties, the thriving UAE economy presents growth opportunities, and Bank of Sharjah is well-positioned to benefit from this momentum.
Sheikh Mohammed attributed the impressive performance to the bank’s new strategy and the reignited energy of the new leadership team, focused on growth, building new revenue streams, and delivering exceptional customer service.
The bank’s CEO, Mohamed Khadiri, expressed delight with the Q1 results, which reaffirm confidence in the new strategy. He highlighted the bank’s adherence to banking principles by enhancing human capital, focusing on business development while practicing prudent risk management, providing innovative solutions to customers, and improving operational effectiveness.
As one of the UAE’s oldest financial institutions, Khadiri expressed excitement about Bank of Sharjah’s future prospects and confidence that the progressive implementation of the new strategy will establish a strong foundation for sustainable growth in the years to come.
