Ajman Bank delivers all-time record high profit of Dhs313m

Sheikh Ammar Bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Board of Ajman Bank, chaired the bank’s board meeting, and attended by Sheikh Rashid Bin Humaid Al Nuaimi, Chairman of the Municipality and Planning Department of Ajman and Vice Chairman of the Bank’s Board.

During the meeting held at the bank’s headquarters, the board discussed several financial and administrative matters, reviewed routine business activities, and issued its decisions accordingly.

Ajman Bank delivers all time highest record 9M’24 “Profit before Tax” of Dhs313 million compared to net loss of Dhs87 million in 9M’23 and 9M’24. This strong performance is on the back of a 9% increase in total operating income to Dhs1.2 billion (vs Dhs1.1 billion in the corresponding period of 2023), and net operating income of Dhs616 million. For 9M 2024 the Return on shareholder Equity (annualized) and Return on Asset (annualized) were reported, at 12.8% (up by 1,669 bps) and 1.6% (up by 205 bps) respectively.

The strong results are supported by a healthy balance sheet with Total Assets of Dhs24.4 billion, Customer deposits of Dhs20.3 billion and Dhs3.0 billion of Equity. Capital position and Asset quality continue to show strong improvement from the previous year as well as on a quarter-by-quarter basis.

Sheikh Ammar Bin Humaid Al Nuaimi said, “Ajman Bank’s remarkable Q3 performance is testament to the success of our strategic initiatives and the resilience of the UAE’s economic landscape. Our continued growth reflects our commitment to fostering economic development in Ajman and across the UAE, while maintaining our dedication to serving stakeholders with integrity and excellence. I would like to express my deepest gratitude to the Board of Directors, senior management, and all our employees for their exceptional hard work and unwavering support, which have been instrumental in driving our success.”

Mustafa Al Khalfawi, CEO of Ajman Bank, stated, “Our performance in Q3 2024 reflects Ajman Bank’s disciplined approach to growth, operational efficiency, and value creation.

The consistent rise in operating income, profitability, and asset quality as well as reducing operating expenses by 6% is a direct result of our focus on Speed, Service, and Specialization, along with our unwavering commitment to innovation and customer-centric solutions, and focusing on remediating the distressed assets, resulting in strong recoveries.

This success would not have been possible without the dedication and hard work of our entire team, whose efforts continue to drive our achievements.

“As we move forward, we remain committed to building long-term value for our shareholders, while reinforcing our position as a key player in the UAE’s Islamic banking sector. Our strategic initiatives will continue to prioritize sustainable growth, driven by advanced financial services that meet the evolving needs of our customers.”