Abu Dhabi [UAE], July 18 (ANI/WAM): Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of the Ajman Bank Board of Directors, chaired the meeting held today at the bank’s headquarters.
Attending the meeting were the bank’s board members and Mustafa Al Khalfawi, CEO of the bank.
Sheikh Ammar reviewed the bank’s results for the first half of 2024, which showed that it achieved an all-time high half-yearly net profit of AED216 million, up by 111 percent, supported by a strong profit of AED108 million in Q2 2024.
This is on the back of a 12 percent increase in total operating income to AED813 million as compared to AED729 million in the corresponding first half of 2023, and a net operating income of AED428 million – an increase of 2 percent. Return on shareholder equity (annualised) and return on assets (annualised) have doubled in H1 2024 as compared to the corresponding period of 2023 to 15.0 percent (up by 695 bps) and 1.8 percent (up by 88 bps) respectively.
The strong results are supported by a healthy balance sheet with total assets of AED24.2 billion, customer deposits of AED20.2 billion and AED2.9 billion of equity.
Sheikh Ammar said, “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.”
For his part, the CEO of Ajman Bank stated, “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.”
Ajman Bank’s capital adequacy ratio increased to 17.6 percent (up by 251 bps) and Tier 1 capital ratio increased to 16.4 percent (up by 252 bps), which remain well above regulatory requirements.
Advances to stable resources’ ratio of 78.4 percent, and eligible liquid asset ratio of 19.8 percent, underline its solid liquidity and, along with the capital position, provide a strong foundation for continued growth.
Ajman Bank’s non-performing financing ratio reduced significantly to 10.9 percent in Q2 2024 (from 14.7 percent in Q1 2024), clear evidence of the improving credit portfolio of the bank.
This strong financial performance was delivered thanks to continued focus on expanding the customer base, operating income, enhancing credit quality, and risk management. 33 percent of the new accounts were opened through digital channels, which emphasises the bank’s focus on digital transformation.
Additionally, the BBB+ rating with a stable outlook from Fitch reflects the bank’s financial strength and stability. (ANI/WAM)
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