Latest news with #BankOfSharjah
Zawya
11-08-2025
- Business
- Zawya
Bank of Sharjah appoints Nasser Salem Al-Ali as Chief Wholesale Banking Officer
Sharjah, UAE — Bank of Sharjah is pleased to announce the appointment of Mr. Nasser Salem Al-Ali as its new Chief Wholesale Banking Officer. In his role, Mr. Al-Ali will lead the Bank's corporate and commercial banking operations, driving strategic growth across all market segments, deepening client relationships, and expanding cross-sell opportunities. His appointment reflects the Bank's commitment to nurturing UAE national talent while continuing to attract top-tier professionals to its senior management team. With a distinguished career spanning over 25 years in the banking sector, Mr. Al-Ali brings a wealth of knowledge and expertise in corporate banking. His track record includes leading landmark transactions and pioneering innovative digital initiatives in the UAE and the wider region. His deep understanding of institutional clients' needs uniquely positions him to deliver advanced, tailored financial solutions. In his new capacity, Mr. Al Ali will lead the strategic direction of Wholesale Banking in alignment with the Bank's vision, profitability targets, and regulatory requirements. He will also focus on enhancing operational efficiency, fostering a high-performance culture, and building a skilled, motivated team to deliver exceptional results. Before joining Bank of Sharjah, Mr. Al-Ali held several senior leadership positions at prominent financial institutions. Most recently, he served as Senior Managing Director and Head of Commercial Banking for the UAE at First Abu Dhabi Bank (FAB). Prior to that, he spent over two decades at HSBC, where he held key positions including Deputy Regional Head of Corporate Client Coverage & Sectors for MENAT and Managing Director Deputy Head of Corporate & Commercial Banking UAE & Regional Head of Islamic Corporate Banking MENAT, among other senior assignments. Commenting on the appointment, Mr. Mohamed Khadiri, Chief Executive Officer of Bank of Sharjah, said: 'We are delighted to welcome Nasser to our leadership team. His extensive industry expertise, strategic vision, and proven ability to drive growth, align perfectly with our ambitions for the Wholesale Banking business. We look forward to benefiting from his innovative approach and leadership.' Expressing his enthusiasm for the new role, Mr. Nasser Al-Ali said: 'I am honored to join Bank of Sharjah at such a pivotal stage in its journey. The Bank's successful turnaround over the past two years has laid strong foundations for innovation and growth. I look forward to working with the team to further strengthen our wholesale banking capabilities and deliver exceptional value to our clients and shareholders.' Mr. Al-Ali holds a Master's in Big Data and Business Analytics from ESCP Business School and a Master's in International Business Law from the University of Paris - Sorbonne-Assas International Law School. He also holds a Bachelor of Applied Science in Business Administration from the Higher Colleges of Technology in Dubai. Mr. Al-Ali is an alumnus of executive programs at Harvard, Oxford, INSEAD, London Business School, and other leading institutions. He has also graduated from two flagship programs (Young Leaders and Impactful Leaders) under Mohammed bin Rashid Center for Leadership Development. 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.
Zawya
07-05-2025
- Business
- Zawya
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.
