Ajman Bank Reports Record 139% Profit Surge in Q1

Ajman Bank soared to new heights in the first quarter of 2024, reporting a record-breaking quarterly profit of AED 107.4 million. Bolstered by a 7.0% surge in total operating income to AED 400.3 million, compared to AED 374.0 million in the same period of 2023, and a net operating income of AED 194.8 million, the bank demonstrated robust financial performance. Impressively, Return on Shareholder Equity and Return on Assets for the quarter doubled compared to the corresponding period in 2023, reaching 15.5% (up by 7.9%) and 1.9% (up by 1.0%) respectively. These stellar results are underpinned by a strong balance sheet boasting Total Assets of AED 23.1 billion and Equity of AED 2.8 billion. Ajman Bank's Capital Adequacy Ratio climbed to 16.6% (up by 1.4%) with a Tier 1 Capital Adequacy of 15.5% (up by 1.4%), comfortably exceeding regulatory standards. With AED 19.3 billion in customer deposits, a healthy advance to stable resources ratio of 76.3%, and an eligible liquid asset ratio of 21.0%, the bank showcases solid liquidity, reinforcing its robust capital position for sustained growth.

His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, Chairman of Ajman Bank, “Our strong financial performance in the first quarter of 2024 is a testament to the success of our transformation agenda committing to our shareholders, investors and clients enhancing our operational excellence. We have made significant progress, which underscores our strong market position. I extend my deepest gratitude to our team, whose dedication and hard work have been integral to our success.”

Mr. Mustafa Al Khalfawi, CEO of Ajman Bank, stated, “We have made significant progress, which underscores our strong market position and the substantial gains in shareholder equity and asset returns. Our first-quarter results are a clear reflection of our transformative journey, which has strategically propelled our expansion and diversified our business profile. We’ve focused on enhancing the continued value to our shareholders and supporting the economic landscape of the UAE. In addition to stringent cost containment and operational efficiencies within a resilient framework, emphasizing digital innovation and customer service excellence. Our rigorous approach to risk management and our commitment to addressing regulatory challenges have been crucial. Moreover, we are enhancing our leadership team with strategic talent to ensure that Ajman Bank is well-equipped to navigate future challenges and opportunities in the market.”

This exceptional financial performance is attributed to the bank's strategic focus on expanding its customer base, enhancing credit quality, and effective risk management, including efforts towards recoveries. Ajman Bank welcomed 2195 new accounts in the quarter, with 26% initiated through digital channels, highlighting its commitment to digital transformation. The introduction of 'Ajman Connect,' a new digital application, further streamlines the bank's operations, enhancing efficiency across the board.

In alignment with its sustainability pledge, Ajman Bank released its inaugural sustainability report, establishing a baseline for carbon emissions across its operations. This initiative sets the stage for systematic tracking and reduction of the bank's carbon footprint in the future, reinforcing its environmental stewardship. With a solid foundation laid by its strong Q1 2024 performance, ongoing transformation efforts, and the resilience of the UAE economy, Ajman Bank anticipates maintaining robust momentum for growth and profitability throughout 2024 and beyond