Latest news with #SheikhMohammedbinSaudAlQasimi
Zawya
23-07-2025
- Business
- Zawya
Bank of Sharjah reports 57% jump in H1 2025 net profit to AED 268mln
Sharjah, UAE – Bank of Sharjah has announced its financial results for the period ended 30 June 2025. The Bank posted a net profit of AED 268 million for the first half of 2025, compared to AED 171 million for the same period last year, representing a 57% year-on-year increase. On a quarterly basis, net profit rose to AED 152 million in Q2 2025, a 31% increase over the AED 116 million posted in Q1 2025. The exceptional results for H1 2025 underscore the Bank's strategic focus on sustainable growth. All key performance indicators showed significant improvement, with strong contributions from both funded and non-funded income. This led to a 55% rise in net interest income and 51% increase in operating income. At the same time, the cost-to-income ratio improved to 31%, supported by the Bank's continued commitment to strict cost controls. These results reflect the Bank's core strength, operational efficiency, prudent risk management, and its ongoing efforts to enhance shareholder value. The balance sheet remains robust, with a loan-to-deposits ratio of 93%, and liquidity maintained at highly comfortable levels. These results also highlight the Bank's strong capital position, with capital adequacy ratio of 14%, and Tier1/CET1 capital ratios standing at around 13%. Commenting on the Bank's results, Sheikh Mohammed bin Saud Al Qasimi, Chairman of Bank of Sharjah, said: "Bank of Sharjah has maintained strong momentum in the first half of 2025, building on the solid results achieved in the first quarter. Our record net profit reflects enhanced business performance, operational efficiency, and financial resilience. These results are driven by steady balance sheet growth, a well-diversified business mix, improved operational capabilities, and a prudent approach to risk." Reaffirming the Board's confidence in the Bank's strategic direction, Sheikh Mohammed bin Saud Al Qasimi added:"We remain confident in our ability to deliver sustainable, long-term returns, while maintaining conservative risk management and corporate governance." Also expressing delight at the Bank's performance, Mr. Mohamed Khadiri, CEO of Bank of Sharjah, commented: "Our strategic transformation is well underway, and our first-half performance reflects the tangible progress we are making across all business lines. We have successfully expanded and diversified our balance sheet, strengthened customer relationships, and improved cross-selling capabilities, delivering solid results." Looking ahead, Mr. Khadiri further added: "Bank of Sharjah remains firmly focused on sustainable, profitable growth, through prudent capital deployment and sound risk governance. With a strong foundation and improving fundamentals, we are well positioned to deliver consistent returns for our shareholders while contributing to the ongoing growth and diversification of the UAE economy." 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
Zawya
23-07-2025
- Business
- Zawya
Bank of Sharjah posts net profit of $73mln in H1 2025
SHARJAH: Bank of Sharjah has announced its financial results for the period ended 30th June 2025. The Bank posted a net profit of AED268 million for the first half of 2025, compared to AED171 million for the same period last year, representing a 57 percent year-on-year increase. On a quarterly basis, net profit rose to AED152 million in Q2 2025, a 31 percent increase over the AED116 million posted in Q1 2025. The exceptional results for H1 2025 underscore the Bank's strategic focus on sustainable growth. All key performance indicators showed significant improvement, with strong contributions from both funded and non-funded income. This led to a 55 percent rise in net interest income and 51 percent increase in operating income. At the same time, the cost-to-income ratio improved to 31 percent, supported by the Bank's continued commitment to strict cost controls. These results reflect the Bank's core strength, operational efficiency, prudent risk management, and its ongoing efforts to enhance shareholder value. The balance sheet remains robust, with a loan-to-deposits ratio of 93 percent, and liquidity maintained at highly comfortable levels. These results also highlight the Bank's strong capital position, with capital adequacy ratio of 14 percent, and Tier1/CET1 capital ratios standing at around 13 percent. Commenting on the Bank's results, Sheikh Mohammed bin Saud Al Qasimi, Chairman of Bank of Sharjah, said, "Bank of Sharjah has maintained strong momentum in the first half of 2025, building on the solid results achieved in the first quarter. Our record net profit reflects enhanced business performance, operational efficiency, and financial resilience. These results are driven by steady balance sheet growth, a well-diversified business mix, improved operational capabilities, and a prudent approach to risk." Reaffirming the Board's confidence in the Bank's strategic direction, Sheikh Mohammed bin Saud Al Qasimi added, "We remain confident in our ability to deliver sustainable, long-term returns, while maintaining conservative risk management and corporate governance." Mohamed Khadiri, CEO of Bank of Sharjah, commented, "Our strategic transformation is well underway, and our first-half performance reflects the tangible progress we are making across all business lines. We have successfully expanded and diversified our balance sheet, strengthened customer relationships, and improved cross-selling capabilities, delivering solid results." Looking ahead, Khadiri further added, "Bank of Sharjah remains firmly focused on sustainable, profitable growth, through prudent capital deployment and sound risk governance. With a strong foundation and improving fundamentals, we are well positioned to deliver consistent returns for our shareholders while contributing to the ongoing growth and diversification of the UAE economy."
Zawya
22-07-2025
- Business
- Zawya
Sharjah highlights public-private collaboration to advance financial sustainability at Distinguished Award Ceremony
Sharjah, United Arab Emirates: The sixth edition of the Distinguished Financial Performance Award, organized by the Sharjah Central Finance Department, brought together public and private sector leaders to celebrate institutional excellence and advance a shared vision for sustainable financial management across the Emirate. Held at Al Qasimia University under the patronage of Sheikh Mohammed bin Saud Al Qasimi, Chairman of the Central Finance Department, the event underscored the importance of strategic alignment between government institutions and national development partners in enhancing efficiency, transparency, and long-term fiscal resilience. This year's edition placed a strong emphasis on innovation, accountability, and the implementation of global best practices in financial governance. Key government departments were recognized for their measurable impact on Sharjah's financial performance indicators, reflecting the Emirate's commitment to continuous improvement and institutional sustainability. The construction sector was also represented among the contributors to Sharjah's development journey. Dar Alwd Construction participated as a golden sponsor of the event, reinforcing the vital role of private sector partners in enabling infrastructure, capacity-building, and sustainable service delivery. During the ceremony, Mr. Mousbah Abdel Aziz was honored for the company's support of this initiative and its broader alignment with Sharjah's development goals. Mr Mousbah Abdel Aziz Vice Chairman of Dar Alwd Construction, stated:"Sharjah's commitment to performance excellence and sustainable growth reflects the values we share as a construction company focused on long-term development. We are proud to contribute to the institutional frameworks that enable future-ready infrastructure and inclusive prosperity." The event also featured remarks by Nasser Abdel Aziz Kashwani, Secretary General of the Award, who reaffirmed the vision of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi in fostering a culture of distinction and driving excellence in public financial management. Tarek Musbah Abdulrahman, General Manager of Dar Alwd Construction said "As we continue to partner with government entities across Sharjah and the wider UAE, our focus remains on delivering infrastructure that is not only high in quality, but aligned with the long-term aspirations of the communities we serve. Supporting this award reflects our belief in excellence, transparency, and sustainable development as cornerstones of national progress". Dar Alwd's continued engagement in national initiatives reflects its alignment with the UAE's vision for integrated development, institutional resilience, and cross-sector collaboration.
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.
