Bank of Sharjah posts outstanding results

Bank of Sharjah (the Bank or the Group), one of the leading commercial banks in the UAE, announced its audited financial results for the year ended Dec.31, 2022. Despite economic challenges, the Group demonstrated strong financial performance, and continued to adhere to a disciplined and focused approach in lending, recovery, and funding.

The Group’s net profit for the year ended Dec.31, 2022 was Dhs245 million, up from Dhs225 million in 2021. Total comprehensive income reached Dhs220 million, while total equity increased by 7 per cent to Dhs3,416 million. The Bank maintained a solid capital position, with a regulatory capital adequacy ratio of 11.51 per cent and a Tier 1 capital ratio of 10.33 per cent.

Customers’ Deposits grew by 5 per cent to Dhs27,773 million, highlighting the Bank’s ability to attract and maintain a solid and loyal customer base. Furthermore, Total Equity rose by 7 per cent to Dhs3,416 million, showcasing the Bank’s strong capital position and commitment to a sustainable growth strategy.

The Group’s operations in Lebanon, through its subsidiary Emirates Lebanon Bank SAL (ELBank), are subject to the accounting standards IAS 29 and IAS 21 due to the economic situation in the country. After applying these standards, the reported net loss amounted to Dhs159 million, and the reported total comprehensive loss was Dhs12 million. However, these adjustments do not present a true representation of the financial position and the Bank has agreed with regulators to maintain regulatory capital ratios based on pre-IAS 21 and IAS 29 accounts.

Sheikh Mohammed Bin Saud Al Qasimi, Chairman of Bank of Sharjah, stated, “Bank of Sharjah remains steadfast in its commitment to supporting the economic growth of the Emirate of Sharjah and the UAE. The Group’s financial performance in 2022 is a testament to its dedication to meeting the highest standards in the banking industry, ensuring a bright future for all our stakeholders.”