Bank of Sharjah’s losses deepen 52% in 2023

Bank of Sharjah reported net losses valued at AED 241 million in 2023, higher by 52% year-on-year (YoY) than AED 159 million.

The lender witnessed a 33% plunge in net operating income to AED 308 million as of 31 December 2023, compared to AED 457 million, according to the initial financial results.

Basic and diluted loss per share enlarged by 29% to AED 0.09 last year from AED 0.07 in 2022.

Total assets grew by 6% YoY to AED 39.50 billion in 2023 from AED 37.40 billion, while the customer deposits increased by 4% YoY to AED 26.34 billion from AED 25.28 billion.

In the first nine months (9M) of 2023, Bank of Sharjah incurred net losses after tax worth AED 122.42 million, down from AED 281.65 million in 9M-22.

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