Press releases, Reports & Disclosures for AJMAN BANK PJSC

The independent auditor's report and financial statements for Ajman Bank PJSC for the year ending 31 December 2023 are pending approval from the Central Bank of UAE and adoption by shareholders at the Annual General Meeting.

Ajman Bank reported a net operating income of 615 million dirhams ($167 million) for Q3 2023, a 39% increase from the same period the previous year. Total assets also grew by 23% to 25.2 billion dirhams. Despite these positive results, the bank recorded a net loss of 87.3 million dirhams, compared to a net profit of 112.6 million dirhams in Q3 2022, due to significant provisioning. However, CEO Mustafa Mohammed Saeed Al Khalfawi stated that this would position the bank for sustained growth and long-term success. He also highlighted the bank's commitment to cost rationalization, digital transformation, and expanding its consumer and wholesale banking sectors. The bank is majority-owned by the Government of Ajman.

The document contains condensed interim financial information for Ajman Bank PJSC for the nine-month period ending on 30th September 2023.