Ajman Bank achieved an all-time high half-yearly net profit of Dh216 million in the first half of 2024, up by 111 per cent, as it posted strong profit of Dh108 million in Q2 2024.
The Shariah-compliant bank saw a 12 per cent increase in total operating income to Dh813 million compared to Dh729 million in the corresponding first half of 2023. It recorded a net operating income of Dh428 million – an increase of two per cent.
The strong results were supported by a healthy balance sheet with total assets of Dh24.2 billion, customer deposits of Dh20.2 billion and Dh2.9 billion of equity.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
“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, Crown Prince of Ajman, Chairman of Ajman Bank.
“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, CEO of Ajman Bank.
The Shariah-compliant lender’s capital adequacy ratio increased to 17.6 per cent, up by 251 bps, and the tier 1 capital ratio increased to 16.4 per cent (up by 252 bps), which remains well above regulatory requirements.
Ajman Bank’s non-performing financing ratio reduced significantly to 10.9 per cent in Q2 2024, down from 14.7 per cent in Q1 2024.
The bank said it is confident that the ongoing transformation and the strength of the UAE economy will help it maintain a strong momentum for growth and continued profitability through 2024 and beyond.