Bank Of Sharjah Approves Consolidated Financial Statements For Year Ended December 31, 2024

The Bank of Sharjah conducted its 52nd Annual General Assembly Meeting on April 23, 2025. The meeting was led by Salem Al Ghammai, a Board member, and included participation from the Board of Directors, shareholders, senior management, external auditors, and regulatory representatives. During the meeting, all agenda items were discussed and approved.

The assembly ratified both ordinary and extraordinary resolutions. This included approving the consolidated financial statements for the year ending December 31, 2024. Additionally, Grant Thornton was reappointed as the external auditors for 2025. The decision not to distribute dividends for 2024 was also endorsed to bolster the bank's capital base.

Salem Al Ghammai shared insights on behalf of Sheikh Mohammed bin Saud Al Qasimi regarding the bank's performance. He stated: "We are pleased to report a strong recovery in 2024, driven by enhanced operational discipline and improved fundamentals. The return to profitability was underpinned by a robust rebound in core banking income and the successful implementation of a more efficient business framework."

In terms of financial results, Mohamed Khadiri, CEO of Bank of Sharjah, highlighted significant achievements. "We closed the year with a net profit of AED 385 million, a sharp reversal from the AED 275 million loss recorded in 2023," he noted. These results underscore the effectiveness of their business model and turnaround strategy.

The bank remains focused on sustainable growth through strategic initiatives. Khadiri outlined plans to expand core banking activities while maintaining operational efficiency. He emphasised prudent risk management and investment in human resources as key components of their strategy.

Looking ahead to 2025, Khadiri detailed their strategic priorities: "We will continue to build scale through high-quality, risk-adjusted lending; deepen and expand our relationships across the UAE and the region; modernize our platforms and capabilities; and maintain our disciplined approach to risk management."

The decision not to distribute dividends aligns with strengthening financial resilience and supporting long-term growth objectives. By focusing on digital innovation and sustainable finance, Bank of Sharjah aims to create lasting value for stakeholders.

The meeting concluded with confidence in sustaining momentum through client-centric approaches. The bank is committed to enhancing its foundation for inclusive growth while embracing new opportunities in the financial sector.

With inputs from WAM