Ajman Bank PJSC Achieves Record 9M'24 Profit Before Tax Amidst Strategic Growth
Ajman Bank PJSC has reported its highest ever profit before tax for the first nine months of 2024, marking a significant turnaround from the previous year.
Summary
Ajman Bank PJSC reported a record profit before tax of AED 313 million for 9M'24, a significant increase from a net loss in the same period last year. The bank's strategic initiatives and strong national economic conditions have contributed to this performance. Key performance indicators show a positive trend, positioning the bank for future growth.
Ajman Bank PJSC Achieves Record 9M'24 Profit Before Tax Amidst Strategic Growth
Ajman Bank PJSC has announced its financial results for the nine months ending September 2024, showcasing a remarkable turnaround with a profit before tax of AED 313 million. This represents a substantial increase of 458% compared to a net loss of AED 87 million in the same period of 2023.
Under the leadership of His Highness Sheikh Ammar bin Humaid Al Nuaimi, the bank's strategic initiatives have proven successful, reflecting the resilience of the national economy. The bank's total operating income increased by 9% to AED 1.2 billion, while net operating income reached AED 616 million.
| KPI | 9M'24 | 9M'23 | Change |
|---|---|---|---|
| Revenue | AED 1.2 billion | AED 1.1 billion | +9% |
| Operating Income | AED 616 million | - | - |
| Net Income | AED 313 million | -AED 87 million | +458% |
| Return on Equity | 12.8% | - | +1669 bps |
| Return on Assets | 1.6% | - | +205 bps |
The strong performance is 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 capital adequacy ratio remains robust, providing a solid foundation for continued growth.
Comparing these results with older reports, Ajman Bank's Q1 2024 results also showed a significant increase in profit before tax to AED 107.4 million, up by 139% from Q1 2023. The bank's capital adequacy ratio of 16.6% and Tier 1 capital adequacy of 15.5% were well above regulatory requirements, indicating strong financial health.
In conclusion, Ajman Bank's strategic focus on operational excellence and risk management has yielded impressive results. The bank's improved profitability and strong capital position make it an attractive option for investors looking for stability and growth potential in the banking sector.
