Bank of Sharjah is pleased to announce that Fitch Ratings has affirmed its Long-Term Issuer Default Rating (IDR) at 'BBB+' with a stable outlook and upgraded its Viability Rating (VR) to ‘b-‘ from 'ccc+'. The VR upgrade reflects the bank’s improved consolidated capitalisation following the reclassification of Emirates Lebanon Bank (ELB), its 100% subsidiary in Lebanon, to the assets-held for sale category. Fitch also acknowledges the new management's focus on divesting non-core assets and resolving legacy loans, along with a revamped business model and a clear emphasis on enhancing profitability.

Commenting on the rating action and upgrade, Mr. Mohamed Khadiri, CEO of Bank of Sharjah stated: “We are delighted to see our efforts and strategic initiatives being recognized by Fitch. The upgrade of the VR from 'ccc+' to 'b-' reflects the enhanced regulatory capital ratios after the AED 800 million capital injection from the Government of Sharjah, adjustments in leverage post the deconsolidation of ELB, a tighter risk profile, stable funding and healthy liquidity. Additionally, our focus on business growth locally and across the region has contributed positively.”

Mr. Khadiri concluded: “This upgrade is a testament to the improving financial position and solid performance of Bank of Sharjah. We remain committed to delivering sustainable growth and value for our shareholders, while maintaining our focus on prudent risk management and customer satisfaction. We will continue to pursue our strategic goals, driving forward with our new strategy and achieving organic growth with a renewed focus on profitability.”