80 million dirhams, net profits of Bank of Sharjah in the first quarter
Sharjah, May 2 / WAM / Bank of Sharjah’s net profits in the first quarter of this year amounted to 80 million dirhams, as a result of the increase in net interest income and operating income, and the decrease in operating costs.
This strong performance reflects the bank’s commitment to maintaining a disciplined approach to financing and lending and operational efficiency, as it has comfortable liquidity with a customer deposit base of 26 billion dirhams (December 31, 2023: AED 26.3 billion), and a loan-to-deposit ratio of 85.82% (December 31, 2023: 83.77). %).
The bank also enjoys strong capitalization with a capital ratio of 14.33% (December 31, 2023: 14.67%), while the first tranche of capital and the ratio of common shares in the first tranche of capital reached 13.14% (December 31, 2023: 13.49%), as it reflects This sound financial performance underpins the bank’s strong business coupled with sound risk management practices.
Sheikh Mohammed bin Saud Al Qasimi, Chairman of the Board of Directors of Bank of Sharjah, said: Our strong performance in the first quarter of 2024 confirms our commitment to providing long-term sustainable value to our customers, communities and shareholders, and despite the uncertainty in the global economy, the UAE economy continues to flourish, providing opportunities for growth. Bank of Sharjah is well positioned to benefit from this momentum, and is supported by a new leadership team that focuses on growth, providing new revenue sources, and providing exceptional customer service. The first quarter’s performance constitutes tangible evidence of the effectiveness of our new strategy, and we look forward to achieving further growth during Next years.
Mohammed Khediri, CEO of the Bank of Sharjah, confirmed that the distinguished results achieved by the bank in the first quarter of this year are evidence of the effectiveness of the bank’s new strategy. He said: We have committed to the basic principles of banking services by enhancing human capital, focusing on business development with wise risk management, providing innovative solutions to customers, and improving operational effectiveness.
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