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SHARJAH / WAM
Bank of Sharjah has reported a strong start to 2024, with first-quarter results showcasing a significant increase in net profit to AED80 million. 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 (December 31 2023: AED26.3 billion) and a loans-to-deposits ratio of 85.82% (December 31, 2023: 83.77%).
The bank reported strong capitalisation with a Regulatory Capital Adequacy Ratio of 14.33% (December 31, 2023: 14.67%) and Regulatory Tier 1 and CET1 Capital Ratios of 13.14% (December 31, 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, “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.”
Mohamed Khadiri, CEO of the Bank, commented, “I am extremely delighted with our impressive Q1 results, reaffirming our confidence in the new strategy.”
“We have 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.”