Sharjah: Bank of Sharjah held its 52nd Annual General Assembly Meeting on April 23, 2025. The meeting was chaired by Salem Al Ghammai, a Board member, and was attended by members of the Board of Directors, shareholders, senior management, external auditors, and representatives of regulatory authorities.
According to Emirates News Agency, the General Assembly discussed and approved all items on the agenda. This included the ratification of all ordinary and extraordinary resolutions set forth in the meeting. Key decisions included the approval of the consolidated financial statements for the year ended December 31, 2024, and the Board's recommendation to reappoint Grant Thornton as the external auditors for the fiscal year 2025. Additionally, the decision was made not to distribute dividends for the year 2024 to strengthen the bank's capital base and support long-term growth objectives.
Salem Al Ghammai, speaking on behalf of the Chairman, Sheikh Mohammed bin Saud Al Qasimi, reported a strong recovery in 2024. The bank experienced a return to profitability due to improved operational discipline and fundamentals. A robust rebound in core banking income and the implementation of a more efficient business framework were highlighted as key factors. The bank aims to sustain this momentum by focusing on digital innovation, sustainable finance, and a client-centric approach.
Mohamed Khadiri, CEO of Bank of Sharjah, noted a net profit of AED 385 million for 2024, a significant turnaround from a AED 275 million loss in 2023. The results were attributed to the success of their turnaround plan, which focused on expanding core banking activities, driving operational efficiencies, managing risk prudently, and investing in their people. Looking ahead to 2025, the bank plans to continue building scale through high-quality, risk-adjusted lending, expanding relationships across the UAE and the region, modernizing platforms and capabilities, and maintaining a disciplined risk management approach.