The Bank of Sharjah has reported a net profit of Dh171 million for the first half of 2024, marking a significant turnaround from the previous year’s loss of Dh144 million. This robust performance continues the momentum from Q1 2024, showcasing the bank’s successful recovery and growth strategies.
Key Financial Highlights:
- Net Profit: Increased to Dh171 million from a loss of Dh144 million in H1 2023.
- Net Interest Income: Surged by 108%.
- Operating Income: Grew by 34%.
- Cost-to-Income Ratio: Improved to 40.1%.
The bank attributed its strong performance to higher net interest income, stringent credit underwriting, and reduced operating costs. Additionally, the bank’s strategy to increase funded and unfunded income has proven effective, resulting in a 233% surge in net profit compared to the previous year, excluding a one-time impairment charge in 2023 related to its Lebanese subsidiary.
Leadership Insights:
- Sheikh Mohammed bin Saud Al Qasimi, Chairman of Bank of Sharjah:
“The bank has entered a new chapter with a new leadership team focused on building new business streams and expanding its reach across the UAE and the region. Despite the challenging geopolitical situation, the UAE economy remains resilient, and our performance in the first half of the year demonstrates the effectiveness of our new strategy. We look forward to continued growth in the years to come.” - Mohamed Khadiri, CEO of Bank of Sharjah:
“2024 has begun exceptionally well for Bank of Sharjah, with the bank achieving a record year-on-year profit. Our stellar performance continues to strengthen the bank’s fundamentals. Our outstanding results reaffirm that our new business strategy is on track to deliver sustainable revenue growth, driven by business expansion, operational efficiency, prudent risk management, and talent development.”
Future Outlook:
The Bank of Sharjah is poised for continued growth and expansion, leveraging its strategic initiatives and strong financial performance to enhance its market position and deliver value to its stakeholders.
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