Abu Dhabi – Mubasher: Bank of Sharjah turned to net profits amounting to AED 170.97 million in the first half (H1) of 2024, compared to net losses valued at AED 143.87 million in H1-23.

Net operating income hiked to AED 303.75 million as of 30 June 2024 from AED 226.88 million a year earlier, according to the financial results.

In the first six months (6M) of 2024, the basic and diluted earnings per share (EPS) amounted to AED 0.05, compared to a loss per share of AED 0.06 in H1-23.

Total assets dropped to AED 38.86 billion as of 30 June 2024 from AED 39.45 billion at the end of December 2023, while the customers’ deposits fell to AED 25.77 billion from AED 26.34 billion.

Mohammed bin Saud Al Qasimi, Chairman of Bank of Sharjah, commented: "Despite the challenging geopolitical situation in the region, the UAE economy has remained resilient and continues to register healthy growth following various economic diversification initiatives that provide consistent impetus for trade, investment, and wealth creation.”

“Bank of Sharjah has entered a new chapter with a new leadership team, focused on building new business streams, expanding our reach across the UAE and the region, and delivering exceptional service to our customers," Al Qasimi continued.

The CEO, Mohamed Khadiri, commented: "Our outstanding results reaffirm that our new business strategy is on track to deliver sustainable revenue growth, driven by business expansion, operational efficiency, prudent risk management, and talent development."

He added: "We are leveraging our core strengths to build a platform that will operate at its full potential across the UAE and the region. The Bank remains focused on executing our strategy and is well-positioned to maintain strong performance throughout 2024 and beyond.”

In the first quarter (Q1) of 2024, the net attributable to the owners of the ADX-listed lender hit AED 80.67 million.