Ajman Bank Sets New Profit Record In Q1 2024 With A 139% Increase

Ajman Bank has announced a record-breaking quarterly profit for Q1 2024, reaching an impressive AED 107.4 million. This marks a significant increase from the previous year, driven by a 7.0 percent rise in total operating income, which now stands at AED 400.3 million. The bank's net operating income also saw a substantial boost, amounting to AED 194.8 million.

The financial institution has witnessed a remarkable improvement in its Return on Shareholder Equity (annualised) and Return on Asset (annualised), both of which have doubled in comparison to the same period in 2023. The figures have escalated to 15.5 percent and 1.9 percent, respectively, showcasing the bank's robust financial health and operational efficiency.

H.H. Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank, expressed his satisfaction with the bank's performance, attributing it to the successful implementation of its transformation agenda. He praised the team's dedication and hard work as pivotal to achieving these outstanding results.

Mustafa Al Khalfawi, CEO of Ajman Bank, highlighted the significant progress made by the bank, emphasizing its strong market position and the substantial gains in shareholder equity and asset returns. He outlined the bank's strategic focus on enhancing shareholder value, supporting the UAE's economic landscape through digital innovation, customer service excellence, and rigorous risk management.

The bank's solid financial standing is further evidenced by its healthy balance sheet, boasting Total Assets of AED 23.1 billion and Equity of AED 2.8 billion. With a Capital adequacy ratio of 16.6 percent and a Tier 1 Capital adequacy of 15.5 percent, Ajman Bank comfortably exceeds regulatory requirements. Customer deposits have reached AED 19.3 billion, underlining the bank's strong liquidity and capital position.

Ajman Bank's commitment to growth and innovation is evident in its efforts to expand its customer base and enhance credit quality through digital channels. The launch of ‘Ajman Connect’, a new digital application, is part of its strategy to digitize and streamline processes for better efficiency and customer experience.

In a move towards sustainability, Ajman Bank has published its first sustainability report, setting a precedent for environmental responsibility within the banking sector in the UAE. The report outlines the bank's carbon emissions across all operations and locations, establishing a framework for future tracking and reduction efforts.

The bank remains optimistic about its future prospects, confident that its strong foundation, ongoing transformation efforts, and the robust UAE economy will drive continued growth and profitability through 2024 and beyond.

With inputs from WAM