UAE: Ajman Bank shares rose 0.58% after achieving record financial results

Ajman Bank’s shares, listed and traded on the Dubai Financial Market, rose by 0.58% during Thursday’s trading, trading at a price of 1.74 dirhams per share, after achieving record annual financial results.

3.78 million Ajman Bank shares were traded at that time, with a trading value of 6.64 million dirhams.

The highest share price at that time was 1.79 dirhams per share during the session, while the lowest share price was 1.73 dirhams per share.

The share price witnessed a noticeable increase after Ajman Bank announced record profits during the year 2024, as its annual profits reached 440 million UAE dirhams “before taxes”, recording a growth of 213% compared to net losses amounting to 390 million dirhams in 2023.

During the meeting, the Board of Directors presented a proposal to distribute cash dividends of 7.25%, pending shareholders’ approval at the next General Assembly meeting.

The bank’s total operating income also increased to 1.5 billion dirhams, with a net operating income of 736 million dirhams. The bank’s performance also improved in terms of return on shareholders’ equity, which reached 12.9% (an increase of 2,745 basis points), and return on assets, which reached 1.8% (an increase of 332 basis points) during the year 2024.

These strong results reflect a strong and balanced financial position, with total assets reaching 23 billion dirhams, customer deposits reaching 19 billion dirhams, and total shareholders’ equity reaching 3.1 billion dirhams.

Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, Chairman of the Executive Council and Chairman of the Board of Directors of Ajman Bank, stressed that these exceptional financial results are a testimony to the success of the bank’s strategic vision and its keenness to provide sustainable value to shareholders.

He pointed out that Ajman Bank continues to play a major role in promoting the growth of the UAE economy, and its great success reflects the extent of our flexibility and ability to adapt to the ongoing changes in the financial sector.