Bank of Sharjah reports net profit of AED80 million in first quarter

Bank of Sharjah reports net profit of AED80 million in first quarter

SHARJAH / WAM Bank of Sharjah has reported a strong start to 2024, with first-quarter results showcasing a significant increase in net profit to AED80 million. The bank’s robust metrics result from strict adherence to a focused approach to funding, lending, and operational effectiveness. The bank has demonstrated comfortable liquidity, with a customer deposit base ...

SHARJAH / WAM

Bank of Sharjah has reported a strong start to 2024, with first-quarter results showcasing a significant increase in net profit to AED80 million. The bank’s robust metrics result from strict adherence to a focused approach to funding, lending, and operational effectiveness. The bank has demonstrated comfortable liquidity, with a customer deposit base of AED26 billion (December 31 2023: AED26.3 billion) and a loans-to-deposits ratio of 85.82% (December 31, 2023: 83.77%).

The bank reported strong capitalisation with a Regulatory Capital Adequacy Ratio of 14.33% (December 31, 2023: 14.67%) and Regulatory Tier 1 and CET1 Capital Ratios of 13.14% (December 31, 2023: 13.49%). The sound financial performance reflects the bank’s solid business fundamentals coupled with prudent risk management practices. Commenting on the bank’s results, Sheikh Mohammed bin Saud Al Qasimi, Chairman of Bank of Sharjah, stated, “Amid global economic uncertainty, the UAE economy continues to thrive,