Bank of Sharjah has reported record-breaking financial results for the year ended 31 December 2024, posting a profit before tax of $113m, marking a dramatic turnaround from the $75m loss in the previous year. The bank’s net profit after tax surged to $105m, driven by revenue growth, cost control, and risk management.
Established in 1973, the bank commenced operations the following year. As the first commercial bank in Sharjah and the fifth in the UAE, Bank of Sharjah was also the first to offer 40% of its capital for public subscription.
This performance reflects the bank’s resilience and strategic foresight, reinforcing its position as a key player in the UAE’s banking sector.
Gulf Economist Staff Writer