Bank of Sharjah reported outstanding financial results for 2024, achieving a record profit before tax of AED 416 million. Net profit after tax soared to AED 385 million, driven by strong revenue growth, cost efficiency, and strategic risk management.
Exceptional Performance of Bank of Sharjah
Sheikh Mohammed bin Saud Al Qasimi, Chairman of Bank of Sharjah, credited the success to the UAE’s resilient economy. He highlighted the country’s economic diversification and the bank’s ability to seize new opportunities. These efforts created long-term value for customers, shareholders, and the wider community.
CEO Highlights Record-Breaking Year
Mohamed Khadiri, CEO of Bank of Sharjah, emphasized the significance of 2024’s record-breaking profitability. He noted the bank’s continuous efforts to enhance operational efficiency and optimize resources. Strengthening the business model remains a priority for sustainable growth.
Strong Outlook for 2025 and Beyond
Looking ahead, Bank of Sharjah is confident in its position in the financial sector. The bank remains focused on innovation, expansion, and customer-centric solutions. With a clear strategy, it aims for continued strong performance in 2025 and beyond.
According to the ADX disclosure, operating income nearly tripled, reaching AED 727 million in 2024. This marks a significant jump from AED 271 million in 2023. Net operating income grew by 150%, hitting AED 682 million. Customer deposits also increased by 13%, reaching AED 29.7 billion.
With a solid financial foundation, Bank is well-positioned for future success. It continues to strengthen its role in the UAE’s banking sector.
