Ajman Bank has reached a record half-yearly net profit of Dh216 million for the first half of 2024, marking a 111 percent increase. The bank reported a robust profit of Dh108 million in the second quarter of 2024. Operating income rose by 12 percent to Dh813 million from Dh729 million in the same period of 2023, with net operating income increasing by 2 percent to Dh428 million. The bank's strong performance is backed by a healthy financial position, including total assets of Dh24.2 billion, customer deposits of Dh20.2 billion, and equity of Dh2.9 billion.
"Ajman Bank's exceptional financial performance in H1 2024 reflects the effectiveness of our strategic plans and the robust economic environment of the UAE," stated Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank. "Our H1 2024 financial results, featuring significant income growth across all key sectors, highlight Ajman Bank's distinctive market standing and reputation as a reliable partner," commented Mustafa Al Khalfawi, CEO of Ajman Bank. The bank's capital adequacy ratio climbed to 17.6 percent, a rise of 251 basis points, and the tier 1 capital ratio increased to 16.4 percent, up by 252 basis points, comfortably exceeding regulatory thresholds. Ajman Bank's non-performing financing ratio dropped to 10.9 percent in Q2 2024, a significant decrease from 14.7 percent in Q1 2024.
The bank is optimistic that its ongoing transformation efforts and the strength of the UAE's economy will sustain its growth momentum and profitability throughout 2024 and beyond.
