Ajman Bank Reports Record Profits in 2024
Ajman Bank PJSC has announced its highest annual profits, marking a significant milestone in its financial journey.
Summary
Ajman Bank PJSC achieved record profits in 2024, with a 213% growth, reflecting strong strategic vision and financial health.
Ajman Bank PJSC, a prominent player in the UAE's banking sector, has unveiled its financial results for 2024, showcasing a remarkable turnaround and record-breaking profits. The bank reported an annual profit before tax of AED 440 million, a staggering 213% increase from the previous year, where it faced a net loss of AED 390 million. This impressive performance underscores the bank's robust strategic vision and operational efficiency.
At the heart of Ajman Bank's success is its total operating income of AED 1.5 billion and net operating income of AED 736 million. The bank's return on shareholder equity rose to 12.9%, while the return on assets climbed to 1.8%, indicating a strong and healthy financial position.
Ajman Bank's balance sheet reflects its strength, with total assets amounting to AED 23 billion, customer deposits reaching AED 19 billion, and equity standing at AED 3.1 billion. The bank's capital position and asset quality have shown significant improvement, as evidenced by the reduction in the non-performing loan (NPL) ratio from 13.8% to 9.9%. This was largely due to the successful resolution of 31% of non-performing exposures, which also contributed to the recovery of 19.6% of specific provisions. Additionally, the expected credit loss (ECL) coverage ratio doubled from 1.0%, highlighting the bank's proactive approach to risk management.
His Highness Sheikh Ammar Bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank, attributed this unprecedented success to the bank's strategic vision and the dedication of its management team. During a recent board meeting, Sheikh Ammar emphasized the importance of continued innovation and customer-centric strategies to maintain this upward trajectory.
Looking ahead, Ajman Bank has proposed a cash dividend of 7.25%, a testament to its commitment to delivering value to its shareholders. The bank's strong financial performance and strategic initiatives position it well for future growth, making it an attractive option for investors. Given the bank's robust financial health and promising outlook, potential investors might consider taking a 'buy' stance on Ajman Bank's shares.
Source
Summary
Ajman Bank has reported its highest annual profits in its history, achieving AED 440 million, representing a growth of 213% compared to a net loss of AED 390 million in 2023. The bank's record-breaking performance includes a total operating income of AED 1.5 billion and net operating income of AED 736 million. The bank's return on shareholder equity reached 12.9%, and return on assets was 1.8%. Ajman Bank's strong financial results are backed by a healthy balance sheet, with total assets of AED 23 billion, customer deposits of AED 19 billion, and equity of AED 3.1 billion. Key financial ratios have improved significantly, including a reduction in the non-performing loan ratio from 13.8% to 9.9%, and the ECL coverage ratio has doubled. The bank has proposed a cash dividend of 7.25%.
