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Ajman Bank unveils leap in Q1-24 financials, key appointments

Ajman Bank unveils leap in Q1-24 financials, key appointments
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Ajman Bank
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Dubai – Mubasher: Ajman Bank registered net profits amounting to AED 107.42 million in the first quarter (Q1) of 2024, marking a year-on-year (YoY) hike from AED 49.15 million.

Total operating income before depositors’ share of profits reached AED 400.26 million in Q1-24, an annual increase of 7% from AED 373.73 million, according to the financial results.

Basic and diluted earnings per share (EPS) stood at AED 0.03 in the first three months (3M) of 2024, up YoY from AED 0.02.

As of 31 March 2024, the total assets fell to AED 23.07 billion from AED 24.93 billion at the end of December 2023, while the Islamic customer deposits shrank to AED 18.43 billion from AED 19.72 billion.

Mustafa Al Khalfawi, CEO of Ajman Bank, stated: “Our first-quarter results are a clear reflection of our transformative journey, which has strategically propelled our expansion and diversified our business profile.”

“We have focused on enhancing the continued value to our shareholders and supporting the economic landscape of the UAE,” Al Khalfawi added.

He underlined: “Our rigorous approach to risk management and our commitment to addressing regulatory challenges have been crucial.”

Key Appointments

The bank’s board members elected Ammar bin Humaid Al Nuaimi as the Chairman and Rashed bin Humaid Al Nuaimi as the Vice Chairman.

The CEO commented: “We  are enhancing our leadership team with strategic talent to ensure that Ajman Bank is well-equipped to navigate future challenges and opportunities in the market.”

In 2023, the DFM-listed bank shifted to net losses valued at AED 390.35 million, compared to profits worth AED 162.06 million in 2022.