Bank of Sharjah reports strong Q1 2025 results with 45% Surge in Net Profit to AED116mln

Zawya

07-05-2025

Sharjah, UAE – Bank of Sharjah has announced a strong start to 2025, posting a net profit of AED 116 million for the first quarter ended March 31, 2025, marking a 45% increase compared to AED 80 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 AED 201 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.
Also expressing delight at the remarkable results was Chief Executive Officer of Bank of Sharjah, Mr. Mohamed Khadiri, who commented: 'We have kicked off 2025 on a strong note, delivering an outstanding performance that reflects the successful execution of our transformation strategy. This achievement is driven by robust growth across all business lines, deeper client engagement, disciplined risk management, and the continued optimization of our operating model.'
The Bank's Q1 2025 disclosure, released through the Abu Dhabi Securities Exchange (ADX), revealed a nearly 55% increase in profit before tax to AED 130 million. As of March 31, 2025, total assets reached AED 44.8 billion, with customer deposits rising to AED 30.5 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.
'We are making meaningful progress in diversifying our revenue streams, expanding our customer base, and strengthening our client relationships – all of which are contributing to a well-balanced income mix and enhanced profitability.' added Mr. Khadiri.
The Q1 2025 performance builds on the Bank's spectacular turnaround in 2024, where it reported a profit before tax of AED 416 million (AED 385 million after tax), reversing a loss of AED 275 million in 2023. The strong results confirm the success of management's transformation efforts and signals continued growth in the months ahead.
'As we look ahead, we are committed to sustaining this momentum. By leveraging our core strengths, we will continue to navigate market opportunities and challenges with agility. With a clear strategic vision and a culture anchored in resilience and innovation, Bank of Sharjah is well-positioned to sustain its upward trajectory and deliver consistent and long-term value for all stakeholders,' Mr. Khadiri concluded.
About Bank of Sharjah:
Bank of Sharjah was established on December 22, 1973, through a decree issued by His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, UAE Supreme Council Member and Ruler of Sharjah. Banking operations started in May 1974. The Bank was the first commercial bank in Sharjah, the fifth in the Federation and the first to make 40% of its capital available for public subscription.