Bank of Sharjah stated that this has obtained regulatory approvals from the UAE Central Bank and the Abu Dhabi Securities Exchange for its Dhs100 million (4.76 percent) bonus share offering. The acquisition of all relevant approvals is a clear affirmation of the Bank's strong internal profitability and operational efficiency by shareholders and regulators alike.

The bank produced a solid FY2020 performance, recently announcing FY2020 earnings (before extraordinary items) of Dhs176 million in the wake of a tough market environment, along with the worldwide pandemic and the ongoing hyperinflation impacting its Lebanese affiliate. The UAE performed especially well, earning a net profit of Dhs309 million. Furthermore, for FY2020, the Bank increased net equity to AED3.165 billion, and also the bonus share issuing indicates the Bank's commitment to creating long-term sustainable shareholder value.

“The Dhs100m bonus share issuance was suggested in honor of our business success and core profitability despite in times of exceptional challenges,” said Sheikh Mohammed Bin Saud Al Qasimi, Chairman of the Bank.  Because of this outcome, I am overjoyed that it has now been approved by the Central Bank, the Abu Dhabi Securities Exchange, and our shareholders, allowing us to finish the process and rewarding our faithful investors. Looking forwards, we would concentrate on driving operational excellence, supported by market-leading goods and services, to increase profitability and ultimately generate value for the shareholders."