Ajman Bank’s half-year net profit soared by 111% to a record AED 216 million, driven by a 12% increase in total operating income to AED 813 million and a net operating income of AED 428 million.
The strong results were supported by a healthy balance sheet with total assets of AED 24.2 billion, customer deposits of AED 20.2 billion, and equity of AED 2.9 billion.
“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. Speed, service, and specialisation are the cornerstones of our operations,” said Mustafa Al Khalfawi, Ajman Bank’s CEO.
Ajman Bank’s capital adequacy ratio increased to 17.6% (up by 251 bps) and its Tier 1 capital ratio rose to 16.4% (up by 252 bps), both well above regulatory requirements. An advance to stable resources ratio of 78.4% and an eligible liquid asset ratio of 19.8% underline its solid liquidity, providing a strong foundation for continued growth.
The bank’s non-performing financing ratio significantly reduced to 10.9% in Q2 2024 (from 14.7% in Q1 2024), demonstrating an improving credit portfolio.
Ajman Bank’s strong financial performance was achieved through a continued focus on expanding the customer base, increasing operating income, enhancing credit quality, and maintaining rigorous risk management. Additionally, 33% of new accounts were opened through digital channels, highlighting the bank’s focus on digital transformation.
The BBB+ rating with a stable outlook from Fitch reflects the bank’s financial strength and stability.
