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Ajman Bank Records Robust Nine-Month Performance with 39% Rise

Ajman Bank recorded a strong nine-month net income of Dh615 million, a 39% increase over the previous year.

Ajman Bank has reported a robust nine-month net income of Dh615 million, marking a significant increase of 39% compared to last year. 

The stellar performance is attributed to strong asset growth, which reached Dh25.2 billion, reflecting a notable 23% increase year-on-year.

Board Meeting Chaired by Sheikh Ammar bin Humaid Al Nuaimi:

Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank presided over the board meeting at the Ajman Ruler’s Court. 

The meeting, attended by board members and Mustafa Mohammed Saeed Al Khalfawi, the CEO of the bank, highlighted the bank’s financial achievements and strategic outlook.

Focus on Asset Growth, Liquidity, and Capital Adequacy:

The rise in net income was underpinned by the bank’s commitment to asset growth, reaching Dh25.2 billion, a remarkable 23% increase. 

Concurrently, efforts to enhance liquidity levels and maintain robust capital adequacy played a pivotal role in sustaining the bank’s strong financial position.

Net Loss Offset by Provisions for Strategic Positioning:

While the bank reported a net loss of Dh87.3 million, this was strategically incurred due to substantial provisioning. 

While impacting short-term profitability, the provisions position Ajman Bank strategically for sustained growth and long-term success. The net loss contrasts with a net profit of Dh112.6 million during the same period in 2022.

Commitment to Digital Transformation and Cost Rationalization:

Mustafa Mohammed Saeed Al Khalfawi, the CEO of Ajman Bank, emphasized the bank’s commitment to continuous cost rationalization and strategic investment in digital transformation. 

The bank aims to set the pace for customer service excellence and operational resilience, expanding its consumer and wholesale banking sectors and broadening its reach through physical and digital branches.

Resilient Liquidity and Compliance Standards:

Ajman Bank’s liquidity remains resilient, with advances to a stable resources ratio of 78.86% and an eligible liquid asset ratio of 19.22%, exceeding regulatory requirements. 

The bank underscores its capacity to withstand financial fluctuations and maintains a commitment to financial prudence, compliance, and the highest standards of banking integrity.

Positive Trajectory and Strategic Vision:

The CEO outlined a positive profitability trajectory and envisioned steady dividend distribution to shareholders in the coming years. 

Despite the incurred losses this year, Ajman Bank remains strategically positioned, having learned valuable lessons and sharpened its strategic understanding for future success. 

The bank is poised to capitalize on opportunities in the local market, supported by its strong shareholder base and commitment to compliance.

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