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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.
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(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% |
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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
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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 |
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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.