Bank of Sharjah reported a net profit after tax of Dh385 million for 2024. Operating income nearly tripled from Dh271 million in the previous year to Dh727 million in 2024, resulting in a 150% increase in net operating income to Dh682 million. Customer deposits grew by 13%, reaching Dh29.7 billion.
The bank’s total assets increased by 10.4% to Dh43.6 billion, driven by financing growth and an expanded investment portfolio. Net loans and advances rose by 10% to Dh24.3 billion, indicating market share gains in key segments and significant deals in wholesale banking.
Due to effective cost-control measures, operating expenses decreased by 23.8% from Dh349 million in 2023 to Dh266 million in 2024. This reduced the cost-income ratio from 128.9% in 2023 to 36.6% in 2024.
