Ajman Bank’s pre-tax profits increased to 414 million dirhams in 9 months, with a growth of 32%
Ajman, October 23, 2017 – His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of the Board of Directors of Ajman Bank, chaired the bank’s Board of Directors meeting, to review the financial results for the first nine months of the current year ending on September 30, and discuss strategic priorities aimed at continuing growth and achieving sustainable value.
Ajman Bank recorded pre-tax profits of 414 million dirhams, an increase of 32% compared to the same period last year, while profits after tax amounted to 380 million dirhams, an increase of 31% on an annual basis.
Total operating income reached 1.2 billion dirhams, and net operating income reached 660 million dirhams, reflecting the strong performance across the core business sectors and the disciplined implementation of the growth strategy.
His Highness Sheikh Ammar bin Humaid Al Nuaimi said that the strong results of Ajman Bank during the first nine months of this year reflect the success of its strategy and its growing role in supporting sustainable economic growth in the UAE.
A report by the bank showed that its total assets increased by 23% since the end of 2024 to reach 28.0 billion dirhams, driven by a 20% increase in total financing to reach 18.5 billion dirhams.
Customer deposits grew by 14% to reach 20.6 billion dirhams, and total shareholders’ equity increased by 8% since the beginning of the year to reach 3.4 billion dirhams, reflecting continued growth in the balance sheet and stable financing momentum.
The bank maintained its solid capital position and liquidity, as the capital adequacy ratio reached 16.9% and the first tranche capital ratio reached 15.8%, despite the growth in total financing by 20%.
Return on equity rose to 15.6% (an increase of 276 basis points), and return on assets rose to 2.0% (an increase of 30 basis points).
The operational efficiency ratio (cost to income) reached 44.8%, a decrease of 541 basis points compared to the end of 2024, which reflects continued investment in technology, digital transformation, and enhancing operational efficiency.
The bank’s strong results reflect the continuous improvement in asset quality, as the percentage of non-performing financings decreased to 7.7% (a decrease of 219 basis points compared to the end of 2024), and the percentage of real estate exposure decreased by 801 basis points, supported by effective management of credit risks and diversification of the financing portfolio.
Mustafa Al-Khalafawy, CEO of Ajman Bank, said that the nine-month results reflect the strong operational performance of Ajman Bank and the continuity of implementing its strategy efficiently. The bank continues to focus on enhancing operational efficiency, improving balance sheet management, and expanding its digital system to drive sustainable growth and enhance long-term value for all stakeholders.
The Board of Directors of Ajman Bank affirmed its commitment to promoting sustainability and innovation in line with Ajman Vision 2030 and the goals of the national economic transformation of the UAE.
He also affirmed his commitment to providing sustainable financing worth 4 billion dirhams by 2030 and achieving carbon neutrality by 2050, in support of his vision of achieving a positive and sustainable economic and societal impact.
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