Image Credit: Ajman Bank

Ajman Bank reported an all-time high quarterly profit in Q1-2024 of Dh107.4 million.

This is due to a 7.0 per cent increase in total operating income to Dh400.3 million compared to Dh374.0 million in Q1-2023 and net operating income of Dh194.8 million.

Return on shareholder Equity (annualized) and Return on Assets (annualized) have doubled in Q1-2024 compared to the corresponding period of 2023—respectively, to 15.5 per cent, up 7.9 per cent, and 1.9 per cent, up 1.0 per cent.

Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, Chairman of Ajman Bank, said: "Our strong financial performance in the first quarter of 2024 is a testament to the success of our transformation agenda committing to our shareholders, investors and clients enhancing our operational excellence."

Mustafa Al Khalfawi, CEO of Ajman Bank, said, "We have made significant progress, which underscores our strong market position and the substantial gains in shareholder equity and asset returns. Our first-quarter results clearly reflect our transformative journey, which has strategically propelled our expansion and diversified our business profile.

The strong results support a healthy balance sheet with total assets of Dh23.1 billion and Dh2.8 billion in equity. Ajman Bank's Capital adequacy ratio of 16.6 per cent, up by 1.4 per cent, and Tier 1 Capital adequacy of 15.5 per cent, up by 1.4 per cent, remain well above regulatory requirements.

Customer deposits of Dh19.3 billion, an advance to stable resources ratio of 76.3 per cent, and an eligible liquid asset ratio of 21.0 per cent underline its solid liquidity.

The bank opened 2195 new accounts, 26 per cent of which were opened through digital channels. The bank also launched 'Ajman Connect, ' a new digital application.