With first-quarter results showing a notable increase in net profit to Dhs80 million, Bank of Sharjah has reported a strong start to 2024.
The Bank’s strong metrics are the outcome of its rigorous adherence to a targeted strategy for lending, funding, and operational efficiency. A comfortable liquidity base of Dhs26 billion (as of December 31, 2023: Dhs26.3 billion) and a loans-to-deposits ratio of 85.82% (as of December 31, 2023: 83.77%) indicate the Bank’s strength in this area. Its regulatory capital adequacy ratio is 14.33% (as of December 31, 2023: 14.67%), and its regulatory Tier 1 and CET1 capital ratios are 13.14% (as of December 31, 2023: 13.49%). The Bank’s strong business principles and responsible risk management techniques are evident in its excellent financial performance.
Bank of Sharjah has enormous potential for growth as one of the oldest financial institutions in the UAE, and I am excited about our future prospects,” Khadiri continued. I have no doubt that as we gradually implement our new plan, we are building a solid basis for long-term, sustainable growth.
On December 22, 1973, His Highness Dr. Sheikh Sultan bin Mohammed Al Qasimi, a member of the Supreme Council and the ruler of Sharjah and its Dependencies, issued an Emiree decree establishing the Bank of Sharjah. In May 1974, banking operations got underway. The Bank was the first financial organization in Sharjah, the fifth in the Federation, and the first to offer the general public the opportunity to subscribe for 40% of its capital.
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