Bank of Sharjah has reported a net profit of 80 million UAE dirhams ($21.78 million) for the first quarter of 2024.

No comparative figures from Q1 2023 were given, as the bank delinked numbers from its Lebanese subsidiary effective April 1, 2023. 

By not using like-for-like comparisons, the Abu Dhabi-listed bank prevented “reporting accounting anomalies that occurred prior to the delinking.”

Customer deposits reached AED 26 billion as of March 31, 2024, compared to AED 26.3 billion as of December 31, 2023. 

Total assets reached AED 39.5 billion by the end of the first quarter.

Loans-to-deposits ratio fell to 85.82% in the first quarter of the year compared to 83.77% as of December 31, 2023. 

Capital adequacy ratio stood at 14.33%, while regulatory Tier 1 and CET1 capital ratios reached 13.14%, respectively.

“Our strong performance in the first quarter of 2024 reinforces our commitment 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,” said Sheikh Mohammed Bin Saud Al Qasimi, Chairman of Bank of Sharjah.  

Bank of Sharjah is well positioned to benefit from this momentum by focussing on growth and building new revenue streams, he added. 

(Editing by Seban Scaria seban.scaria@lseg.com)