24-04-2025
Bank of Sharjah convenes its 52nd Annual General Assembly meeting
Sharjah, UAE – Bank of Sharjah held its 52nd Annual General Assembly Meeting (AGM) on April 23, 2025. The meeting was chaired by Mr. Salem Al Ghammai, Board member, and attended by members of the Board of Directors, shareholders, senior management, external auditors, and representatives of regulatory authorities.
The General Assembly discussed and approved all items on the agenda. It also ratified all ordinary and extraordinary resolutions set forth in the meeting, including the approval of the consolidated financial statements for the year ended December 31, 2024, and the Board's recommendation to reappoint Grant Thornton as the external auditors for the fiscal year 2025. Additionally, the General Assembly approved the Board of Directors' proposal not to distribute dividends, whether in cash or bonus shares, for the year 2024, to further strengthen its capital base, enhance its financial resilience, and support its long-term growth objectives.
Commenting on the bank's performance and outlook on behalf of Bank of Sharjah's Chairman, Sheikh Mohammed bin Saud Al Qasimi, Mr. Salem Al Ghammai said: 'We are pleased to report a strong recovery in 2024, driven by enhanced operational discipline and improved fundamentals. The return to profitability was underpinned by a robust rebound in core banking income and the successful implementation of a more efficient business framework. Looking ahead, we are confident in our ability to sustain this momentum. By embracing digital innovation, sustainable finance, and a client-centric approach, we aim to create enduring value for our shareholders, customers and the wider community.'
Mr. Mohamed Khadiri, CEO of Bank of Sharjah, commented: "We closed the year with a net profit of AED 385 million, a sharp reversal from the AED 275 million loss recorded in 2023. These outstanding results validate the strength of our business model and the success of our turnaround plan, which was anchored in expanding our core banking activities, driving operational efficiencies, managing risk prudently, and investing in our people. At every step, we remained focused on strengthening our foundation to ensure sustainable and inclusive growth.
As we enter 2025, our strategic priorities remain clear. We will continue to build scale through high-quality, risk adjusted lending; deepen and expand our relationships across the UAE and the region; modernize our platforms and capabilities; and maintain our disciplined approach to risk management."
Beyond its strong financial results, 2024 marked a pivotal chapter in the Bank's journey, as it achieved tangible progress against its strategic priorities and reaffirmed its role as a trusted financial partner in advancing the national economy. The bank is leveraging its core strengths to create a more agile, competitive, and forward-looking institution – one that can meet the demands of an evolving marketplace and deliver long-term value to its stakeholders.
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.
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