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ABU DHABI – Bank of Sharjah P.J.S.C. has released its condensed consolidated interim financial information for the three-month period ending March 31, 2025. Despite a complex geopolitical environment, particularly in Lebanon, the bank has maintained a steady performance, with total assets reaching AED 44.75 billion, marking a slight increase from AED 43.58 billion at the end of the previous year.
The bank’s loans and advances saw a net increase to AED 25.9 billion, up from AED 24.3 billion as of December 31, 2024. Customer deposits also grew to AED 30.47 billion, compared to AED 29.70 billion at the end of the last year. The bank’s investment securities portfolio expanded to AED 11.59 billion, a rise from AED 10.10 billion in the same period.
The bank’s net profit for the quarter stood at AED 116.17 million, a significant improvement from AED 80.33 million reported in the first quarter of the previous year. This increase can be attributed to a combination of higher net interest income, which rose to AED 143.95 million, and net fee and commission income, which reached AED 44.85 million.
An independent auditor’s report highlighted the bank’s continued classification of its subsidiary, Emirates Lebanon Bank S.A.L., as held for sale under IFRS 5 due to prolonged geopolitical conditions in Lebanon. The sale has not been completed within one year from the date of classification, and it was impractical for the bank to obtain an updated valuation as of March 31, 2025. However, the bank received reconfirmed offers from potential acquirers, reflecting a more positive market sentiment.
The bank’s capital adequacy ratios remain robust, with a Common Equity Tier 1 capital ratio of 12.7% and a total capital ratio of 13.8%. These figures demonstrate the bank’s strong capital base and its ability to withstand potential economic shocks.
The financial information presented is based on a press release statement and has been prepared in accordance with International Accounting Standards. The bank’s performance indicators reflect its resilience in the face of challenging market conditions and its strategic efforts to navigate the current economic landscape.
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