Ajman Bank Achieves Record Profit Growth in 2024
Ajman Bank reports a remarkable profit before tax for the first nine months of 2024, marking a significant turnaround from the previous year.
Summary
Ajman Bank's financial performance in 2024 shows a record profit before tax of AED 313 million, driven by strategic initiatives and a resilient economy.
Ajman Bank PJSC has announced an unprecedented financial performance for the first nine months of 2024, achieving a profit before tax of AED 313 million. This marks a remarkable 458% increase compared to a net loss of AED 87 million in the same period last year. The announcement was made during a board meeting chaired by His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of the Board of Ajman Bank.
This impressive turnaround is attributed to a 9% increase in total operating income, which reached AED 1.2 billion, up from AED 1.1 billion in 2023. The bank's net operating income also rose to AED 616 million. Ajman Bank's return on shareholder equity (annualized) surged to 12.8%, while the return on assets (annualized) increased to 1.6%.
The bank's robust financial health is further underscored by a healthy balance sheet, boasting total assets of AED 24.4 billion, customer deposits of AED 20.3 billion, and equity of AED 3.0 billion. These figures reflect the success of Ajman Bank's strategic initiatives and the resilience of the national economy, as highlighted by Sheikh Ammar bin Humaid.
Given the bank's strong performance and strategic positioning, investors might consider holding their investments in Ajman Bank. The significant growth in profit and strong financial metrics suggest that the bank is on a positive trajectory, which could lead to further gains in the future. However, as with any investment, it's essential to consider market conditions and individual financial goals before making investment decisions.
Source
Summary
Ajman Bank reported its highest-ever profit before tax for the first nine months of 2024, totaling AED 313 million, marking a 458% increase from the previous year. This improvement follows a previous net loss of AED 87 million for the same period in 2023. The bank's strong performance is attributed to a 9% rise in total operating income to AED 1.2 billion. Key financial metrics such as Return on Shareholder Equity and Return on Assets also showed significant improvements. The bank's robust results are supported by a healthy balance sheet, with total assets of AED 24.4 billion, customer deposits of AED 20.3 billion, and equity of AED 3.0 billion. The board meeting, chaired by His Highness Sheikh Ammar bin Humaid Al Nuaimi, discussed various financial and administrative matters.
