Bank of Sharjah reports strong Q1 2025 results with 45% Surge in Net Profit to AED116mln
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
31 minutes ago
- Zawya
Vodafone Qatar and Nokia utilise advanced 5G services to modernise network
Qatar - Vodafone Qatar's latest partnership with Nokia marks a significant step towards deploying emerging technologies as a part of its commitment to driving digital transformation in the country, according to chief technology officer, Ramy Boctor. 'Vodafone Qatar and Nokia have developed a plan for a nationwide network infrastructure modernisation to enhance our network capabilities and ultimately lead to the deployment of advanced 5G services in Qatar. 'What this means for business and consumers is that Vodafone Qatar will be able to deliver faster, more efficient, and more secure telecommunications services,' Boctor told Gulf Times in an exclusive interview. Only recently, Vodafone Qatar announced an agreement with Nokia to lead a nationwide network modernisation that will enable it to deliver faster, more secure, and highly adaptable 5G services to consumers and businesses across Qatar, while preparing for next-generation innovations. Citing the rapid evolution of the digitalisation and telecommunications market, Boctor noted that the company is anticipating 'immense growth in the coming years,' noting that Qatar's ICT sector is projected to grow at an annual rate of '8.5%' through 2030. 'With this in mind, flexibility is paramount, and Vodafone Qatar has made it a primary goal of its nationwide infrastructure modernisation to develop highly adaptable 5G services for consumers and businesses across Qatar, while also preparing for next-generation innovations. Our vision is to both provide the best services possible while simultaneously allowing room for upcoming developments and innovations in 5G connectivity,' he explained. Boctor further pointed out that another primary focus of this transformation is boosting Vodafone's broadband network capabilities. With increasing demand for high-speed, reliable internet across homes and enterprises, he said Vodafone Qatar's infrastructure upgrades will enable it to deliver 'fast broadband with higher capacity and coverage than ever before.' He said, 'Crucially, this modernisation effort will also introduce automation and orchestration across the network, leveraging advanced AI capabilities. These technologies will not only enhance operational effectiveness and significantly reduce time to market, but also open the door for broader innovation beyond traditional telecom services. 'From smart cities and IoT ecosystems to enterprise-level solutions, Vodafone Qatar's network will serve as a dynamic platform for innovation, enabling the country's digital future.' Speaking to Gulf Times earlier, Raghav Sahgal, president of Cloud and Network Services at Nokia, spoke about how the company's digital operations software could play a vital role in Vodafone Qatar's journey towards fully autonomous networks and how AI-driven assurance and 5G slicing automation improve service delivery. 5G provides the ability to deliver much higher performance and deterministic performance, noted Sahgal, adding that 'if you want a certain amount of bandwidth guaranteed without fluctuation, you can deliver a slice of a network to that enterprise or the consumer.' On AI-driven network assurance, Sahgal explained that 'assurance is about making sure that if there are faults in the network, you're able to redirect traffic or whatever it is to ensure that services continue for customers.' 'Digital operations play a strong role in making sure that what the customer wants is created for them and delivered based on their requirements, rather than just providing predefined services,' said Sahgal, citing 5G slicing automation. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (
Zawya
32 minutes ago
- Zawya
KPC approves new emergency leave rules
KUWAIT CITY: In light of the tremendous efforts exerted by nationals working in the oil sector, their dedication to work and the desire of the oil leadership to provide more comfort that motivates them to join the sector, which has become an attractive environment for Kuwaiti talent of both genders; Chief Executive Officer (CEO) of Kuwait Petroleum Corporation (KPC) Sheikh Nawaf Al-Saud Al-Sabah issued a decision approving the amendment of the regulations for granting emergency leave, under the powers stipulated in the administrative regulations in force at the corporation, with the addition of some amendments, say reliable sources. Sources disclosed that the most important amendment states 'an employee or worker may be granted emergency leave not exceeding four days during the calendar year in the presence of emergency circumstances specific to him without submitting documents, provided that he obtains the approval of his direct supervisor before taking this leave. The leave shall be used separately, not interconnected, and shall not be linked to any other leave stipulated in the approved regulations.' Sources informed the newspaper that the aforementioned emergency leave shall be deducted from the 10 days allocated for emergency leave during the calendar year. The conditions also include standardizing the calculation of emergency leave, so that it shall be taken during the calendar year rather than the contractual year. The regulations in force regarding emergency leave related to the illness of a family member of the employee or worker, their hospitalization or a medical appointment shall be maintained. The resolution also requires the relevant authorities to take the necessary measures to implement this amendment. This resolution shall take effect at the beginning of July, and all conflicting resolutions shall be repealed, sources added. It is worth mentioning that the approval of the CEO of KPC to amend the emergency leave system is based on the recommendations issued by the Labor Relations Committee in its meeting no. 3/2025 held on April 8, 2025 regarding approval to amend the emergency leave system for workers in the oil sector, by allowing the employee or worker to go on emergency leave not exceeding four non-consecutive days during the calendar year, deducted from the 10 days approved for emergency leave with the approval of the direct supervisor before enjoying the leave. Sources also revealed that KPC will conduct administrative specialization tests for those who meet the conditions on June 13; indicating that the corporation -- through the job advertisements that it announces from time to time -- aims to attract competent manpower with the required specializations to ensure continuous leadership in the oil sector. Sources said there are more advantages for all employees in the companies affiliated with the corporation, especially since Sheikh Nawaf Al-Saud Al-Sabah always recommends to all leaders of the companies affiliated with the corporation the necessity of motivating the nationals working in the oil sector, while listening to all their demands in accordance with the regulations, especially since the approach of KPC is to implement a strategy to enhance reliance on national workforce and provide all the privileges that guarantee job security for nationals. Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. (
Arabian Business
an hour ago
- Arabian Business
‘Magnet for hedge funds', the UAE could change the $4.5tr global industry
A new research on the hedge fund industry has praised the effect Dubai and Abu Dhabi are having on what now has a size of over US$4.5 trillion. 'The state of the hedge fund industry', a report by the London-based IG Prime, said the Dubai International Financial Centre (DIFC) had attracted 60 hedge funds as of September 2024, and the Abu Dhabi Global Market (ADGM) is not far behind. UAE attracts hedge funds The UAE has 'emerged as a magnet for hedge funds' and other financial institutions in recent years. Some of the world's biggest hedge funds, including Millennium and Balyasny, have opened offices in the country, while overall employment in financial services has exploded to 44,000, up by two-thirds on the 2019 figure. The report quoted an earlier IG Prime/Hedgeweek report in September last year, which found that a clear majority (62 per cent) of the hedge funds surveyed identified Abu Dhabi and Dubai as the 'challenger' hubs. These locations were expected to see the most hedge fund growth, ahead of India, Latin America and the Nordics. Proximity to allocators was a key reason, but the report also highlighted tax advantages, time zone, and lifestyle as strong reasons. 'The huge wealth of the UAE, with the Gulf home to some of the world's largest allocators to alternatives, has advanced the case for having not only traders but business development leaders in the region,' the report added. The IG Prime report said the 'lightly regulated financial centres' such as Dubai and Abu Dhabi could lead to a global change and 'increase the pressure on regulators worldwide to carefully consider the impact of any new rules'. The UAE is an area of focus for the IG Prime, and Max Hayden, Global Head of Prime Brokerage, said: 'Everyone in the industry is talking about Dubai and Abu Dhabi and we're seeing headcount in both places increase, driven by new satellite offices started by big firms and, a relatively new phenomenon, new hedge funds launching there.' Turf war with PE firms With some of the more 'traditional' hedge fund strategies failing to deliver over the last few years, investor demand for hedge funds to improve their returns has led to more of them investing in a wider array of alternatives such as private credit, private equity and private real estate. The IG Prime research shows that 70 per cent of hedge funds now invest in private markets. As many as 61 per cent say they now invest in private equity, 45 per cent in private real estate, 39 per cent in private credit/debt and 38 per cent in infrastructure. Demand for investment in private markets from investors has also been driven by a global trend toward delisting from stock markets and companies holding off on IPOs for longer. These are expected to continue driving growth for private markets in the future. Hedge funds' expansion into private markets means they are increasingly competing with private equity funds, who have also been expanding from private equity into other private asset classes such as infrastructure, private credit and real estate. Chris Beauchamp, Chief Market Analyst at IG Prime, commented: 'The growth of hedge funds has meant that there has been a crowding of trades that have traditionally worked well for them. Arguably some of the opportunities have been arbitraged away, which has driven funds to look for new ways of getting index-beating returns. Many hedge funds are seeing private markets as an answer.' Private equity is the private market asset class with the fastest growth amongst hedge funds, with 58 per cent of hedge funds saying it's the area they've most increased exposure in during the last year. Hedge fund managers are also increasing their exposure in real estate (48 per cent), private credit (31 per cent), infrastructure (30 per cent) and natural resources (34 per cent). Despite its growing popularity, higher interest rates and uncertainty about the future of markets made private equity more difficult in 2024. That may change in the second half of this year as tariff levels continue to move down from their 'worst case' scenarios. While private equity suffered in 2024, private credit has continued to grow rapidly – 31 per cent of hedge funds identified private credit as the area of greatest growth within private markets. Stricter banking regulations and the withdrawal of bank lending have made private credit an important alternative for borrowers. Beauchamp added: 'While most hedge funds see private equity as the substantial growth investment in private markets, demand for hedge funds that invest in private credit have also been particularly strong. 'The question for hedge funds is what skills they bring to bear in these private market that might give them the edge over existing participants such as PE funds. Some will be competing directly with PE and private credit funds for the same investments. Others will be hoping that they can use the current tariff-related disruption to pick up assets priced for distress.'
