Ajman Bank has reported an all-time high half-yearly net profit of Dh216 million in the first half of 2024, marking an increase of 111 percent from the previous year. The bank posted a strong profit of Dh108 million in Q2 2024, showcasing its financial strength and resilience. The Shariah-compliant bank also saw a 12 percent increase in total operating income to Dh813 million compared to Dh729 million in the corresponding first half of 2023. It recorded a net operating income of Dh428 million, representing a two percent increase.
The strong financial results were supported by a healthy balance sheet with total assets of Dh24.2 billion, customer deposits of Dh20.2 billion, and Dh2.9 billion of equity. Ajman Bank’s capital adequacy ratio increased to 17.6 percent, up by 251 bps, while the tier 1 capital ratio increased to 16.4 percent (up by 252 bps), well above regulatory requirements. The non-performing financing ratio reduced significantly to 10.9 percent in Q2 2024, down from 14.7 percent in Q1 2024, showcasing the bank’s effective risk management strategies.
Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank, highlighted the success of the bank’s strategic initiatives and the strength of the UAE’s economic landscape in achieving such exceptional financial results. Mustafa Al Khalfawi, CEO of Ajman Bank, emphasized the substantial income growth across all core businesses, underlining the bank’s unique market position and reputation as a trusted partner. The bank expressed confidence in the ongoing transformation and the strength of the UAE economy, expecting to maintain strong momentum for growth and continued profitability through 2024 and beyond.
The positive financial performance of Ajman Bank in the first half of 2024 reflects its resilience and ability to navigate challenging economic conditions. The bank’s focus on strategic initiatives and effective risk management has helped it achieve significant income growth and strengthen its market position. With total assets of Dh24.2 billion and customer deposits of Dh20.2 billion, Ajman Bank has demonstrated strong financial stability and growth potential in the UAE banking sector.
As the bank continues its transformation journey and capitalizes on the opportunities presented by the UAE’s economic landscape, it aims to sustain its momentum for growth and profitability in the coming years. By maintaining a strong capital adequacy ratio and effectively managing non-performing financing, Ajman Bank is well-positioned to navigate uncertainties and drive sustainable growth. With the support of its leadership and strategic vision, Ajman Bank is expected to further consolidate its position as a leading Shariah-compliant financial institution in the region.
