Bank Of Sharjah Sees Robust Profit Of AED80 Million In First Quarter Of 2024

The Bank of Sharjah has unveiled its financial outcomes for the first quarter of 2024, marking a notable upswing in its performance with a net profit reaching AED80 million. This achievement underscores the institution's commitment to a strategic approach in its funding, lending, and overall operational efficiency. The Bank's financial health is further evidenced by its liquidity status, showcasing a customer deposit base standing at AED26 billion as of 31st December 2023, slightly adjusting from AED26.3 billion.

Moreover, the Bank's loans-to-deposits ratio was reported at 85.82%, a slight increase from 83.77% at the end of the previous year. This indicates a balanced approach to managing its loan and deposit portfolios. Additionally, the Bank's capitalisation remains strong, with a Regulatory Capital Adequacy Ratio of 14.33%, marginally adjusting from 14.67% as of 31st December 2023. The Regulatory Tier 1 and CET1 Capital Ratios also reflect solid standings at 13.14%, compared to 13.49% at the end of the previous year.

Sheikh Mohammed bin Saud Al Qasimi, Chairman of Bank of Sharjah, expressed optimism about the UAE's economic landscape amidst global uncertainties, highlighting the Bank's advantageous position to leverage growth opportunities under the new leadership team's dynamic direction. The focus remains on growth, innovation in revenue generation, and enhancing customer service quality.

Mohamed Khadiri, CEO of Bank of Sharjah, shared his enthusiasm regarding the first quarter's results, attributing the success to the Bank's adherence to core banking principles. The strategy encompasses enhancing human capital, focusing on business development, practising prudent risk management, offering innovative solutions to customers, and improving operational effectiveness.

The Bank of Sharjah's promising start to 2024 is a testament to its solid business fundamentals and prudent risk management practices. With a clear strategic direction and a focus on operational excellence, the Bank is well-equipped to navigate the evolving economic landscape and continue its trajectory of growth.

With inputs from WAM