Bank Of Sharjah Achieves Record Net Profit Of AED 385 Million For The Year Ended 2024

Bank of Sharjah has reported its financial outcomes for the year ending 31st December 2024, showcasing a remarkable profit before tax of AED416 million. The net profit after tax reached AED385 million, driven by robust revenue growth, effective cost management, and careful risk handling.

The bank's operating income saw a significant rise, nearly tripling from AED271 million in the previous year to AED727 million in 2024. This resulted in a 150 percent increase in net operating income, amounting to AED682 million. Customer deposits also grew by 13 percent, reaching an all-time high of AED29.7 billion in 2024.

Sheikh Mohammed bin Saud Al Qasimi, Chairman of Bank of Sharjah, expressed pride in the bank's performance. He 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, CEO of Bank of Sharjah, shared his thoughts on the year's achievements: "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." He further elaborated on their progress: "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."

Khadiri also discussed future expectations: "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 highlighted these impressive figures as evidence of Bank of Sharjah's solid financial standing and strategic foresight. The bank's ability to adapt and thrive amid changing market conditions underscores its commitment to delivering value across all stakeholders.

With inputs from WAM