Sharjah Bank records a record financial performance for 2024
Sharjah, on March 14 / WAM / Sharjah Bank recorded for the year ending December 31, 2024, record profits before the taxes were calculated of 416 million dirhams, and after the deduction of taxes, it reached 385 million dirhams, achieving a major shift in its annual financial results compared to 2023 driven by strong growth in revenue and efficiency of cost control measures and wise management of risk.
Sheikh Mohammed bin Saud Al Qasimi, Chairman of Sharjah Bank, said that we are proud of our distinguished performance in 2024, which reflected the effectiveness of our strategic initiatives in a dynamic market environment, where the economy of the United Arab Emirates showed exceptional flexibility and that it continues to record health growth thanks to the various economic initiatives that contributed to enhancing the momentum of economic growth in the areas of trade, investment and wealth and we have benefited from these opportunities to achieve the value of Long -term for our customers, shareholders and societies.
Sheikh Mohammed bin Saud Al Qasimi added that Sharjah Bank has entered a new stage with an active leadership team that focuses on business growth, improving operations, providing an exceptional service to customers, and strengthening our strong position in the United Arab Emirates and the region.
For his part, Mohamed Khadiri, CEO of Sharjah Bank, said that the year 2024 was exceptional to the Sharjah Bank, where the bank set record profits and with our continued promotion of the bank’s foundations confirming our distinguished results that the transformation strategy that we adopt is going in the right direction by expanding business, improving operational efficiency, managing wise risks and developing competencies.
The disclosure published in the Abu Dhabi Securities Market revealed the rise in operational income to 727 million dirhams in 2024, compared to 271 million dirhams in the previous year, which resulted in an increase of 150% in the net operational income to reach 682 million dirhams, and in parallel with that, customer deposits increased by 13% to 29.7 billion dirhams, which is a new record.
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