L...j

�11.!l:u

58

'='

!,.iJI �9

!II

.)

.

Bank of Sharjah

GOLDEN JUBILEE

Management Discussion & Analysis Report

for the period ended 31 March 2024

Bank of Sharjah P.J.S.C

Bank of Sharjah P.J.S.C ("the Bank") today announced the reviewed results of the period ended 31 March 2024. The following Management Discussion and Analysis includes financial results for the Bank.

The Bank has reported a strong start to 2024, with first-quarter results showcasing a significant increase in net profit to AED 80 million. The Ql results demonstrate an improvement on the back of an increase in Net Interest Income, higher Operating Income, and lower Operating Costs.

The Bank opted not to include comparative figures for Ql 2023 to prevent reporting accounting anomalies that occurred prior to the effective date of delinking of its Lebanese subsidiary on April 1, 2023.

E 8 ..r::: ro ·;:, ro ..c 0.. -"C J:l

(AEDMn)

For the three-months

endedMar'24

Net interest income

89

Non-interest income

54

Operating income

143

Net impairment loss on financial assets

General and administrative expenses

(58)

Profit before taxes

84

Net profit for the period

80

(AEDMn)

Mar'24

Dec'23

Total assets

39,046

39,460

Loans and advances

22,327

22,068

Customers' deposits

26,017

26,343

Total equity

3,547

3,506

Commitments and contingent liabilities

2,431

2,454

Mar'24 -------'Dec'23

Non-performing loans ratio (Net of ECL & collateral)

4.35%

4.29%

Non-performing loans coverage ratio

85.35%

85.86%

Loans and advances to customers' deposits ratio

85.82%

83.77%

Capital adequacy ratio

14.33%

14.67%

Tier 1 capital ratio

13.14%

13.49%

Common tier 1 capital ratio

13.14%

13.49%

1

HEAD OFFICE: Al Khan Street P.O. Box: 1394 Sharjah - U.A.E. Tel: +971 6 5694411 Fax: +971 6 5694422 E-mail: enquire@bankofsharjah.com Swift: SHARAEAS

Public Shareholding Company Incorporated in Sharjah by Amiri Decree dated 22 O�ember 1973. Licensed and regulated by Central Bank of The UAE. Commercial Registration Number 1130 Sharjah - U.A.E.

00�0 @BankOfSharjah

�

�11.!.l.:u

58

':?

:"'.iJI tkJ

!II

.)

.

Bank of Sharjah

GOLDEN JUBILEE

Management Discussion & Analysis Report

for the period ended 31 March 2024

The Bank's robust metrics are the result of strict adherence to a focused approach to funding,

lending, and operational effectiveness. In this regard, the Bank has demonstrated comfortable

liquidity, with a customer deposit base of AED 26 billion (31 December 2023: AED 26.3 billion), a

loans-to-deposits ratio of 85.82% {31 December 2023: 83.77%), and strong capitalization with

Regulatory Capital Adequacy Ratio of 14.33% {31 December 2023: 14.67%) and Regulatory Tier 1

and CETl Capital Ratios of 13.14% {31 December 2023: 13.49%). The sound financial performance

is reflective of the Bank's solid busin ss fundamentals

coupled

with prudent risk management

Commenting on the Bank's results, Sheikh

Mohammed

Bin Saud

Al Qasimi, Chairman of Bank of

Sharjah, stated:

"Our strong performance in the first quarter of 2024 reinforces our commitment

pr ctices.

to delivering long-term sustainable value to our customers, communities, and shareholders. Amid

global economic uncertainty, the UAE economy continues to thrive, presenting opportunities for

growth. Bank of Sharjah is well positioned to benefit from this momentum, further supported by

the reignited energy of the new leadership team, focused on growth, building new revenue streams,

and delivering exceptional service to customers." Sheikh Mohammed Bin Saud Al Qasimi added: "Ql

performance is

a testament to the

effectiveness of our new strategy and we look forward to

In addition,

the CEO, Mr.

Mohamed Khadiri commented: "I am extremely delighted with our

delivering continued growth f r the years to come."

impressive Ql results which reaffirm our confidence in the new strategy. We have adhered to the

basic principles of banking by enhancing human capital, focusing on business development

while practicing prudent risk management, providing innovative solutions to customers, and

improving operational effectiveness."

Mr. Khadiri added: "As one of the UAE's oldest financial institutions, Bank of Sharjah has immense

potential for growth, and

I am excited about our future prospects. I am confident that as we

progressively implement our new strategy, we are establishing a strong foundation for sustainable

growth in future."

LedKha�iri

Chief Executive

Officer

2

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Bank of Sharjah PJSC published this content on 02 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2024 21:39:38 UTC.