Bank of Sharjah Soars in Q1 2024, Boosted by Strategic Focus and Strong Fundamentals

Bank of Sharjah has reported a stellar first quarter in 2024,showcasing a significant increase in net profit to AED 80 million.This robust performance reflects the bank's commitment to a focused approach to funding,lending,and operational efficiency.

The bank's financial strength is evident across key metrics.Customer deposits remained stable at AED 26 billion,demonstrating comfortable liquidity.The loans-to-deposits ratio sits at a healthy 85.82%,indicating a balanced approach to credit extension.Additionally,Bank of Sharjah boasts strong capitalization ratios,with a Regulatory Capital Adequacy Ratio of 14.33% and Tier 1 capital ratios exceeding regulatory requirements.These figures point towards a well-capitalized institution with ample buffers to weather economic uncertainties.

"Our strong performance in the first quarter reinforces our commitment to delivering long-term value to our stakeholders," said Sheikh Mohammed Bin Saud Al Qasimi,Chairman of Bank of Sharjah.He highlighted the thriving UAE economy as a key factor contributing to the bank's success.Sheikh Mohammed expressed confidence that the bank's new leadership team,focused on growth initiatives and exceptional customer service,will capitalize on this momentum.

Echoing the chairman's sentiments,CEO Mr.Mohamed Khadiri emphasized the effectiveness of the bank's new strategy.He attributed the impressive Q1 results to a renewed focus on core banking principles,including human capital development,business expansion,and prudent risk management.Mr.Khadiri emphasized Bank of Sharjah's immense potential as one of the UAE's oldest financial institutions.He expressed his belief that the bank's strategic implementation will solidify a foundation for long-term sustainable growth.