According to Bank of Sharjah, the first quarter of 2024 got off to a great start, with a notable increase in net profit to Dhs80 million.
Strict adherence to a targeted approach to financing, lending, and operational effectiveness has produced the Bank’s strong metrics. With a customer deposit base of Dhs26 billion (as of December 31, 2023: Dhs26.3 billion), a loans-to-deposits ratio of 85.82% (as of December 31, 2023: 83.77%), and strong capitalization with a Regulatory Capital Adequacy Ratio of 14.33% (as of December 31, 2023: 14.67%) and Regulatory Tier 1 and CET1 Capital Ratios of 13.14% (as of December 31, 2023: 13.49%), the Bank has shown comfortable liquidity in this regard. The Bank’s strong financial performance can be attributed to its careful risk management procedures and sound business principles.
Sheikh Mohammed Bin Saud Al Qasimi, the Chairman of the Bank of Sharjah, commented on the company’s performance, saying, “Our strong performance in the first quarter of 2024 reinforces our commitment to delivering long-term sustainable value to our customers, communities, and shareholders.” The UAE economy is thriving despite the unpredictability of the global economy, offering prospects for expansion. With renewed vigor from the new leadership team and a focus on expansion, generating new revenue streams, and providing outstanding customer service, the Bank of Sharjah is well-positioned to capitalize on this momentum.
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