Abu Dhabi – Mubasher: Bank of Sharjah logged net profits attributable to the owners valued at AED 80.67 million in the first quarter (Q1) of 2024.
Net operating income hit AED 142.80 million in Q1-24, while the basic and diluted earnings per share (EPS) stood at AED 0.03, according to the lender’s financial results.
As of 31 March 2024, the total assets fell to AED 39.04 billion from AED 39.45 billion at the end of December 2023, whereas the customer deposits declined to AED 26.01 billion from AED 26.34 billion.
Mohammed bin Saud Al Qasimi, Chairman of Bank of Sharjah, stated: “Bank of Sharjah is well positioned to benefit from this momentum, further supported by the reignited energy of the new leadership team, focused on growth, building new revenue streams, and delivering exceptional service to customers."
The CEO of Bank of Sharjah, Mohamed Khadiri, commented: "We have adhered to the basic principles of banking by enhancing human capital, focusing on business development while practicing prudent risk management, providing innovative solutions to customers, and improving operational effectiveness."
Khadiri added: “I am confident that as we progressively implement our new strategy, we are establishing a strong foundation for sustainable growth in future."
In 2023, the ADX-listed lender incurred 52% higher net losses at AED 241 million, compared to AED 159 million in 2022.
