Staff Reporter, Gulf Today

Bank of Sharjah has announced that it has received regulatory approvals from the UAE Central Bank and Abu Dhabi Securities Exchange for its Dhs100 million (4.76%) bonus share issue. The receipt of all necessary approvals is a firm endorsement, by shareholders and regulators alike, of the Bank’s strong underlying profitability and operational performance.

The Bank delivered a resilient FY2020 result, having recently announced FY2020 profits (before exceptional items) of Dhs176 million against a challenging market backdrop, including the global pandemic and the continuing hyperinflation affecting its Lebanese subsidiary. The UAE performed particularly strongly, achieving a net profit of Dhs309 million. Furthermore, for FY2020, the Bank grew net equity to AED3.165 billion and the bonus share issue is a further demonstration of its focus on creating long-term sustainable value for shareholders.

Sheikh Mohammed Bin Saud Al Qasimi, Chairman of the Bank, commented: “The Dhs100m bonus share issue was proposed in recognition of our business strength and underlying profitability even in times of unprecedented challenges. I am therefore delighted that this has now been endorsed by the Central Bank and Abu Dhabi Securities Exchange as well as our shareholders, enabling us to complete the process and reward our loyal investors. Looking ahead, we remain focused on driving operational excellence, underpinned by our market-leading products and services, in order to enhance our profitability and thus continue to create value for our shareholders.”