Bank of Sharjah reports record AED385 million profit in 2024

Sharjah 24 – WAM: Bank of Sharjah has reported exceptional financial results for the year ending 31st December 2024, with a record profit before tax of AED416 million. The bank's net profit after tax soared to AED385 million, driven by strong revenue growth, effective cost control, and prudent risk management strategies.

Strong performance and strategic initiatives

Commenting on the results, Sheikh Mohammed bin Saud Al Qasimi, Chairman of Bank of Sharjah, praised the bank's outstanding performance, noting the UAE economy's resilience and growth through economic diversification. The bank leveraged these opportunities to create long-term value for customers, shareholders, and communities.

CEO’s remarks on 2024 success

Mohamed Khadiri, CEO of Bank of Sharjah, highlighted the record profitability in 2024 and the bank's continued efforts to strengthen its operational foundation. He emphasized the bank’s progress in optimizing resources and aligning its business model for sustainable growth.

Positive outlook for 2025 and beyond

Looking ahead, Khadiri expressed confidence in the bank’s strong position in the local and regional financial sectors. With a clear strategic vision, Bank of Sharjah is set to maintain robust performance in 2025 and beyond.

Growth in operating income and customer deposits

The ADX disclosure revealed a nearly tripling of operating income from AED271 million in the previous year to AED727 million in 2024. Net operating income surged by 150%, reaching AED682 million. Customer deposits increased by 13%, reaching AED29.7 billion in 2024.