Latest news with #BankofSharjah
Arabian Business
16-05-2025
- Business
- Arabian Business
UAE's Bank of Sharjah and Apex Investment added to MSCI Global Small Cap Index
Two UAE stocks – Bank of Sharjah and APEX Investment – have been included in the MSCI Global Small Cap Index following a semi-annual index review. The inclusion will take effect after the market closes on 30 May. The MSCI Global Small Cap Index is tracked by major institutional investors and global investment funds, with trillions of dollars in assets benchmarked against MSCI's suite of indexes. Inclusion typically signals strong market performance, sound governance, and growing investor confidence. MSCI also announced that Dubai Electricity and Water Authority (DEWA), ADNOC Gas and Salik were selected for inclusion in the MSCI Emerging Markets Index. There will be 147 additions to and 201 deletions from the MSCI Small Cap Index. The new review also resulted in five additions in Saudi Arabia (Almoosa Health, Arabian Drilling, Knowledge Economic City, Nice One Beauty Digital Marketing and United International Holding), and three deletions (Al Jouf Agricultural Development, Herfy Food Services and Sinad Holding Company). Bank of Sharjah achieves milestone The inclusion marks a significant milestone in Bank of Sharjah's journey, reinforcing its position as a high-performing and transparent financial institution in the region. Mohamed Khadiri, Chief Executive Officer of Bank of Sharjah, commented: 'Joining the MSCI Global Small Cap Index is a proud and defining moment for Bank of Sharjah. It validates the strength of our fundamentals, the success of our strategic transformation, and the confidence the market places in us.' 'This inclusion enhances our international visibility, strengthens our appeal to global investors, and is expected to drive increased liquidity and shareholder value. Most importantly, it opens the door to a wider investment community that shares our long-term vision for sustainable growth.' The Abu Dhabi-headquartered APEX Investment is a diversified investment holding company, with investment across sectors including commercial catering, facilities management, contracting and auxiliary business, investments, tech and big data, among others.
Sharjah 24
15-05-2025
- Business
- Sharjah 24
Bank of Sharjah to be included in MSCI Global Small Cap Index
A milestone for the bank The inclusion represents a significant achievement, highlighting the bank's strong market performance, transparency, and solid governance. Being part of the MSCI Global Small Cap Index—tracked by major institutional investors—signals growing investor confidence and reinforces the bank's regional standing. Leadership perspective Mohamed Khadiri, CEO of Bank of Sharjah, described the inclusion as a defining moment, validating the bank's strategic transformation and financial fundamentals. He emphasized that the listing will enhance global visibility, attract international investors, and boost both liquidity and shareholder value. Investor confidence and growth strategy This milestone reflects consistent financial results, sound risk management, and ongoing operational enhancements. It also demonstrates the confidence placed in the bank by both local and international investor communities, reinforcing its trajectory toward sustainable, long-term growth.
Zawya
15-05-2025
- Business
- Zawya
Bank of Sharjah to be included in MSCI Global Small Cap Index
Sharjah, UAE – Bank of Sharjah (ADX: BOS) is pleased to announce that its shares will be added to the MSCI Global Small Cap Index, effective after market close on May 30, 2025, as part of MSCI's semi-annual index review. This prestigious inclusion marks a significant milestone in Bank of Sharjah's journey, reinforcing its position as a high-performing and transparent financial institution in the region. The MSCI Global Small Cap Index is tracked by major institutional investors and global investment funds, with trillions of dollars in assets benchmarked against MSCI's suite of indexes. Inclusion typically signals strong market performance, sound governance, and growing investor confidence. On this occasion, Mr. Mohamed Khadiri, Chief Executive Officer of Bank of Sharjah, commented: 'Joining the MSCI Global Small Cap Index is a proud and defining moment for Bank of Sharjah. It validates the strength of our fundamentals, the success of our strategic transformation, and the confidence the market places in us.' Mr. Khadiri added: 'This inclusion enhances our international visibility, strengthens our appeal to global investors, and is expected to drive increased liquidity and shareholder value. Most importantly, it opens the door to a wider investment community that shares our long-term vision for sustainable growth.' The bank's inclusion in the index comes on the back of consistent financial performance, prudent risk management, and ongoing operational modernization efforts. It is also a clear reflection of the confidence that both the local and international investor communities have placed in the bank's leadership and growth trajectory. 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
08-05-2025
- Business
- Zawya
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.
Gulf Today
07-05-2025
- Business
- Gulf Today
Gross banks' assets up by 1.6% to Dhs4,636.8b at end of February
The Central Bank of the UAE (CBUAE) announced the increase in money supply aggregate M1 by 1.8%, from Dhs 965.3 billion at the end of January 2025 to Dhs982.9 billion at the end of February 2025. The increase was due toDhs4.1 billion growth in currency in circulation outside banks andDhs13.5 billion rise in monetary deposits. Gross banks' assets, including bankers' acceptances, increased by 1.6% fromDhs4,562.3 billion at the end of January 2025 toDhs4,636.8 billion at the end of February 2025. According to the apex bank's Monetary & Banking Developments - February 2025, the money supply aggregate M2 increased by 1.8%, increasing fromDhs2,319.3 billion at the end of January 2025 toDhs2,361.9 billion at the end of February 2025. M2 increased because of an elevated M1, andDhs25.0 billion rise in Quasi-Monetary Deposits. The money supply aggregate M3 also increased by 0.8%, fromDhs2,789.8 billion at the end of January 2025 toDhs2,813.4 billion at the end of February 2025. M3 increased mainly due to the growth in M2, overriding the Dhs 19.0 billion decrease in government deposits. The monetary base increased by 3.1%, fromDhs791.9 billion at the end of January 2025 toDhs816.6 billion at the end of February 2025. The growth in the monetary base was driven by increases of; 3.4% in currency issued, 11.4% in banks & OFCs' current accounts & overnight deposits of banks at CBUAE and 6.2% in monetary bills & Islamic certificates of deposit, overshadowing the 6.1% decrease in reserve account. Gross credit increased by 0.9% fromDhs2,186.3 billion at the end of January 2025 toDhs2,205.1 billion at the end of February 2025. Gross credit increased due the combined increases in domestic credit byDhs1.7 billion and foreign credit byDhs17.1 billion. The growth in domestic credit was due to increases in credit to the; private sector by 0.7% and non-banking financial institutions by 5.2%. Credit to the public sector (government-related entities) decreased by 2.0%, and credit to the government sector decreased by 1.4%. Banks' deposits increased by 1.2%, fromDhs2,840.7 billion at the end of January 2025 toDhs2,874.6 billion at the end of February 2025. The increase in bank deposits was due to the growth in resident deposits by 0.8%, settling atDhs2,625.5 billion and in non-resident deposits by 5.1%, reachingDhs249.1 billion. Within the resident deposits; government-related entities deposits increased by 3.8%, private sector deposits increased by 1.4% and non-banking financial institutions deposits increased by 5.6%, while deposits to the government sector decreased by 4.0% by the end of February 2025. Bank of Sharjah reports strong Q1 2025 results with 45% surge in net profit toDhs116 million Bank of Sharjah has announced a strong start to 2025, posting a net profit ofDhs116 million for the first quarter ended March 31, 2025, marking a 45% increase compared toDhs80 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 toDhs201 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 toDhs130 million. As of March 31, 2025, total assets reachedDhs44.8 billion, with customer deposits rising toDhs30.5 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 ofDhs416 million (AED385 million after tax), reversing a loss ofDhs275 million in 2023. The strong results confirm the success of management's transformation efforts and signals continued growth in the months ahead. Nasdaq Dubai, the region's international financial exchange, and AIX CSD, the central securities depository of Astana International Exchange, today announced the launch of a direct CSD link between the two markets. The launch was announced during the Capital Market Summit 2025, hosted by Dubai Financial Market (DFM), marking a significant step in enhancing regional financial connectivity and enabling more efficient post-trade settlement for cross-listed securities. WAM
