Finance & Capital Market

BoS marks 50th Anniversary with outstanding 2022 results

Bank of Sharjah (BoS), one of the leading commercial banks in the UAE, has posted net profit for the year ended December 31, 2022 of AED245 million ($66.71 million), up from AED225 million in 2021. 
Total comprehensive income reached AED220 million, while total equity increased by 7% to AED3.42 billion. The bank maintained a solid capital position, with a regulatory capital adequacy ratio of 11.51% and a Tier 1 capital ratio of 10.33%.
Customers' deposits grew by 5% to AED27,773 million, highlighting the bank's ability to attract and maintain a solid and loyal customer base. Furthermore, total equity rose by 7% to AED3.42 billion, showcasing the bank's strong capital position and commitment to a sustainable growth strategy.
Lebanon operations
The group's operations in Lebanon, through its subsidiary Emirates Lebanon Bank SAL (ELBank), 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 AED159 million, and the reported total comprehensive loss was AED12 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.
Sheikh Mohammed Bin Saud Al Qasimi, Chairman of Bank of Sharjah, stated: "Bank of Sharjah remains steadfast in its commitment to supporting the economic growth of the Emirate of Sharjah and the UAE. The group's financial performance in 2022 is a testament to its dedication to meeting the highest standards in the banking industry, ensuring a bright future for all our stakeholders. Our focus on ESG principles, sustainable financing, and strategic partnerships reflects our determination to build a resilient and thriving community. 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. This reflects market confidence in the institution as it approaches its Golden Jubilee.-- TradeArabia News Service