Bank Of Sharjah Achieves Strong Q1 2025 Results With AED 116 Million Net Profit Increase

Bank of Sharjah has reported a robust beginning to 2025, achieving a net profit of AED116 million for the first quarter ending March 31, 2025. This marks a 45% rise compared to AED80 million in the same period of 2024. This impressive result follows the bank's significant recovery in 2024, showcasing ongoing momentum driven by effective strategy and improved operational efficiency.

The bank's Q1 2025 disclosure through the Abu Dhabi Securities Exchange (ADX) highlighted a nearly 55% rise in profit before tax, reaching AED130 million. As of March 31, 2025, total assets amounted to AED44.8 billion, with customer deposits increasing to AED30.5 billion. This reflects strong market confidence and customer loyalty.

Operating income for the first quarter rose to AED201 million, marking a year-on-year increase of 40.6%. The bank maintained its focus on cost discipline, building on the positive trend established in 2024. Sheikh Mohammed bin Saud Al Qasimi, Chairman of Bank of Sharjah, expressed satisfaction with these results.

"I am pleased to announce an exceptional start to 2025, as we achieved record profitability in the first quarter. This performance reinforces our trajectory of sustainable growth, the strength of our strategic initiatives and the resilience of our business model," stated Sheikh Mohammed bin Saud Al Qasimi.

The bank's first-quarter success was supported by a resilient balance sheet and prudent asset allocation. Liquidity and capital adequacy ratios remained comfortably above regulatory thresholds, reinforcing the bank's solid financial position. The UAE's dynamic economic environment continues to offer compelling opportunities for growth.

Sheikh Mohammed bin Saud Al Qasimi added that they are well-positioned to leverage these opportunities. The strong performance in Q1 builds on the bank's remarkable turnaround in 2024 when it reported a profit before tax of AED416 million (AED385 million after tax), reversing a loss of AED275 million in 2023.

The impressive results confirm the success of management’s transformation efforts and signal continued growth in the months ahead. The bank remains committed to maintaining its positive trajectory through disciplined risk management and sustained focus on business growth.

With inputs from WAM