Ajman Bank Reports Historic Net Profit Of AED 233 Million In First Half Of 2024

H.H. Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank's Board of Directors, led a meeting at the bank’s headquarters. The session included board members and Mustafa Al Khalfawi, CEO of Ajman Bank.

Ajman Bank reported a record half-yearly net profit of AED216 million for the first half of 2024, marking a 111 percent increase. This achievement was bolstered by a Q2 2024 profit of AED108 million. The total operating income rose by 12 percent to AED813 million compared to AED729 million in the same period in 2023. Net operating income also saw a 2 percent rise to AED428 million.

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The bank's return on shareholder equity (annualised) and return on assets (annualised) doubled in H1 2024 compared to H1 2023, reaching 15.0 percent (up by 695 bps) and 1.8 percent (up by 88 bps), respectively. These results were supported by a robust balance sheet showing total assets of AED24.2 billion, customer deposits amounting to AED20.2 billion, and equity of AED2.9 billion.

Sheikh Ammar commented on the results: "Ajman Bank’s excellent H1 2024 financial performance showcases the success of our strategic initiatives and the strength of the UAE’s economic landscape. We are immensely proud of our team and extend my gratitude to the Board of Directors, senior management, and all employees for their continued support, hard work and dedication."

The CEO highlighted the bank's achievements: "Our outstanding H1 2024 financial results with substantial income growth across all core businesses underscore Ajman Bank’s unique market position and reputation as a trusted partner. These accomplishments are a collective victory for our team and our customers, driving us to innovate and excel further. Speed, Service, and Specialisation are the cornerstones of our operations. We are poised to capitalise on exciting opportunities ahead of us and we remain committed to delivering exceptional value and fostering innovation to drive sustainable growth."

Capital Adequacy and Liquidity Ratios

Ajman Bank’s capital adequacy ratio increased to 17.6 percent (up by 251 bps), while its Tier 1 Capital Ratio rose to 16.4 percent (up by 252 bps). Both ratios remain well above regulatory requirements. The advance-to-stable resources ratio stood at 78.4 percent, with an eligible liquid asset ratio at 19.8 percent, indicating strong liquidity.

The non-performing financing ratio significantly decreased from 14.7 percent in Q1 2024 to 10.9 percent in Q2 2024, reflecting an improvement in the bank's credit portfolio.

Focus on Digital Transformation

This strong financial performance was delivered thanks to continued focus on expanding the customer base, operating income, enhancing credit quality, and risk management efforts. Notably, digital channels accounted for opening 33 percent of new accounts, highlighting the bank's emphasis on digital transformation.

The BBB+ Rating with a Stable Outlook from Fitch further underscores Ajman Bank's financial strength and stability.

The bank remains committed to leveraging these solid foundations for sustained growth while continuing its focus on innovation.

With inputs from WAM