Bank of Sharjah reports strong Q1 2025 results with 45% surge in net profit to $31.5mln
SHARJAH: Bank of Sharjah has announced a strong start to 2025, posting a net profit of AED116 million for the first quarter ended March 31, 2025, marking a 45% increase compared to AED80 million in Q1 2024.
The solid performance follows the Bank's remarkable turnaround in 2024 and reflects continued momentum driven by sound strategy, disciplined risk management, and improved operational efficiency.
The Bank's first-quarter results were underpinned by a resilient balance sheet, prudent asset allocation, and a sustained focus on business growth. Operating income rose to AED201 million, up 40.6% year-on-year, while the Bank continued to demonstrate its commitment to maintaining cost discipline, building on the positive trajectory established in 2024.
Commenting on the results, Sheikh Mohammed bin Saud Al Qasimi, Chairman of Bank of Sharjah, said, 'I am pleased to announce an exceptional start to 2025, as we achieved record profitability in the first quarter. This performance reinforces our trajectory of sustainable growth, the strength of our strategic initiatives and the resilience of our business model.' 'The UAE's dynamic economic environment continues to offer compelling opportunities, and we remain well-positioned to leverage them,' added Sheikh Mohammed bin Saud Al Qasimi.
The Bank's Q1 2025 disclosure, released through the Abu Dhabi Securities Exchange (ADX), revealed a nearly 55% increase in profit before tax to AED130 million. As of March 31, 2025, total assets reached AED44.8 billion, with customer deposits rising to AED30.5 billion, reflecting strong market confidence and customer loyalty. Liquidity and capital adequacy ratios remained comfortably above regulatory thresholds, reinforcing the Bank's robust financial standing.
The Q1 2025 performance builds on the Bank's spectacular turnaround in 2024, where it reported a profit before tax of AED416 million (AED385 million after tax), reversing a loss of AED275 million in 2023. The strong results confirm the success of management's transformation efforts and signals continued growth in the months ahead.
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