Latest news with #MohammedbinSaudAlQasimi
Sharjah 24
07-05-2025
- Business
- Sharjah 24
Bank of Sharjah: Net profit to AED 116 million for Q1 2025
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.
Al Etihad
07-05-2025
- Business
- Al Etihad
Bank of Sharjah reports strong Q1 2025 results with 45% surge in net profit to Dh116 million
7 May 2025 19:37 SHARJAH (WAM)Bank of Sharjah has announced a strong start to 2025, posting a net profit of Dh116 million for the first quarter ended March 31, 2025, marking a 45% increase compared to Dh80 million in Q1 solid performance follows the Bank's remarkable turnaround in 2024 and reflects continued momentum driven by sound strategy, disciplined risk management, and improved operational 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 Dh201 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 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 Bank's Q1 2025 disclosure, released through the Abu Dhabi Securities Exchange (ADX), revealed a nearly 55% increase in profit before tax to Dh130 million. As of March 31, 2025, total assets reached Dh44.8 billion, with customer deposits rising to Dh30.5 billion, reflecting strong market confidence and customer and capital adequacy ratios remained comfortably above regulatory thresholds, reinforcing the Bank's robust financial Q1 2025 performance builds on the Bank's spectacular turnaround in 2024, where it reported a profit before tax of Dh416 million (Dh385 million after tax), reversing a loss of Dh275 million in 2023. The strong results confirm the success of management's transformation efforts and signals continued growth in the months ahead.
Zawya
25-04-2025
- Business
- Zawya
Bank of Sharjah approves consolidated financial statements for 2024
SHARJAH: Bank of Sharjah held its 52nd Annual General Assembly Meeting (AGM) on April 23, 2025. The meeting was chaired by MSalem 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, 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.' 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."
Zawya
24-04-2025
- Business
- Zawya
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. For media inquiries, please contact: Amir AlSalous Chief Marketing and Corporate Communications Officer, Bank of Sharjah
Khaleej Times
24-04-2025
- Business
- Khaleej Times
Bank of Sharjah convenes its 52nd annual general assembly meeting
Bank of Sharjah held its 52 nd annual general assembly meeting (AGM) on April 23, 2025. The meeting was chaired by 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 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.' Mohamed Khadiri, CEO of Bank of Sharjah, commented: "We closed the year with a net profit of Dh385 million, a sharp reversal from the Dh275 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; modernise 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.
