Sharjah, UAE – The net profit of the Bank of Sharjah for the year ended December 31, 2022 was AED 245 million ($67 million), up from AED 225 million ($61 million) in 2021.
Total comprehensive income reached AED 220 million ($59.90 million), while total equity increased by 7 percent to AED 3,416 million ($930 million).
The bank maintained a solid capital position, with a regulatory capital adequacy ratio of 11.51 percent and a Tier 1 capital ratio of 10.33 percent.
Customers’ deposits grew by 5 percent to AED 27,773 million ($7,562 million), highlighting the Bank’s ability to maintain a solid and loyal customer base.
Total Equity rose by 7 percent to AED 3,416 million ($930 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, 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 AED 159 million ($43 million), and the reported total comprehensive loss was AED 12 million ($3.26 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.
“Our focus on ESG principles, sustainable financing, and strategic partnerships reflects our determination to build a resilient and thriving community,” Sheikh Mohammed Bin Saud Al Qasimi, Chairman of Bank of Sharjah, stated. “As we celebrate our 50th anniversary, we are proud to be a driving force in the region and will continue to work tirelessly to ensure long-term growth and value for our customers and shareholders.”
In March 2023, the Bank successfully raised a benchmark issuance amount of $500 million in the public USD debt markets through an offering of senior unsecured notes from its EMTN Programme.
Established in May 1974. the Bank of Sharjah was the first financial institution in Sharjah and the fifth in the federation, the first to make 40 percent of its capital available for public subscription.