Ajman Bank has reported its highest ever net profit for the first half of 2024, reaching Dh216 million. This marks a significant 111% increase compared to the same period last year.
The Shariah-compliant bank posted a strong net profit of Dh108 million in Q2 2024, contributing to the impressive first-half results. Total operating income rose by 12% to Dh813 million, up from Dh729 million in the first half of 2023. Net operating income also saw an increase, reaching Dh428 million, a 2% rise from the previous year.
Ajman Bank’s robust financial performance is underpinned by a solid balance sheet, which includes total assets of Dh24.2 billion, customer deposits amounting to Dh20.2 billion, and equity of Dh2.9 billion.
Strategic Initiatives and Economic Strength
Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank, attributed the excellent H1 2024 financial performance to the success of the bank’s strategic initiatives and the strength of the UAE’s economic landscape.
“Ajman Bank’s excellent H1 2024 financial performance showcases the success of our strategic initiatives and the strength of the UAE’s economic landscape,” said Sheikh Ammar bin Humaid Al Nuaimi.
Mustafa Al Khalfawi, CEO of Ajman Bank, highlighted the substantial income growth across all core businesses, reinforcing the bank’s strong market position and reputation as a trusted partner.
“Our 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,” said Mustafa Al Khalfawi.
Improved Financial Ratios
The bank’s capital adequacy ratio increased to 17.6%, up by 251 basis points (bps), while the tier 1 capital ratio rose to 16.4%, an increase of 252 bps, both well above regulatory requirements. Additionally, Ajman Bank’s non-performing financing ratio significantly reduced to 10.9% in Q2 2024, down from 14.7% in Q1 2024.
Ajman Bank expressed confidence in maintaining strong growth and profitability momentum throughout 2024, driven by ongoing transformation efforts and the resilience of the UAE economy.
