Bank of Sharjah, one of the leading commercial banks in the UAE, has announced its financial results for the year ended 31 December 2024, reporting a record profit before tax of AED 416 million and a significant turnaround from the AED 275 million loss recorded in the preceding year. With net profit after tax soaring to AED 385 million, the Bank’s exceptional performance was driven by strong revenue growth, effective cost control measures, and prudent risk management.
Commenting on the results, Sheikh Mohammed bin Saud Al Qasimi, Chairman of Bank of Sharjah, stated: “We are proud of our outstanding performance in 2024, which reflects the effectiveness of our strategic initiatives in a dynamic market environment. The UAE economy has demonstrated remarkable resilience, continuing to register healthy growth driven by economic diversification initiatives that foster trade, investment, and wealth creation. We have leveraged these opportunities to drive long-term value for our customers, shareholders, and communities.”
Mohamed Khadiri, Chief Executive Officer of Bank of Sharjah, commented: “2024 has been an exceptional year for Bank of Sharjah, with the Bank achieving record profitability. I am delighted with our stellar performance as we continue to reinforce the Bank’s fundamentals. These outstanding results reaffirm that our transformation strategy is on track, driven by business expansion, operational efficiency, prudent risk management, and talent development.”
The impressive figures are the outcome of the Bank’s new strategy, implemented by Mr. Khadiri, who stated: “We have made significant progress in strengthening our operational foundation, optimizing resources, and aligning our business model to achieve sustainable growth. Our results also highlight the Bank’s success in delivering high-quality financial services that meet the evolving needs of our customers.”
The ADX disclosure showed operating income nearly tripling, from AED 271 million in the preceding year to AED 727 million in 2024, yielding a 150% increase in net operating income to AED 682 million. Customer deposits registered a 13% increase, to reach an unprecedented AED 29.7 billion in 2024.
Sheikh Mohammed bin Saud Al Qasimi, Chairman of Bank of Sharjah, added: “Bank of Sharjah has entered a new chapter with a dynamic leadership team, focused on building new business streams, optimizing our operations, delivering exceptional service to our customers, and reinforcing our strong position in the UAE and across the region.”
On expectations moving forward, Mohamed Khadiri further added: “Bank of Sharjah is a strong and trusted financial institution within the local community. We continue to leverage our core strengths to build a robust platform that operates at its full potential in the UAE and the region. With a clear strategic vision, the Bank is well-positioned to sustain a strong performance in 2025 and beyond.”
