Ajman Bank Makes Historic Turnaround, Shatters Profit Records in 2024
Ajman Bank announces a remarkable turnaround in 2024, achieving a record-breaking AED 440 million in profit before tax. This impressive figure represents a staggering 213% growth compared to the net loss of AED 390 million reported in 2023. The announcement was made during a Board of Directors meeting chaired by His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of the Board of Directors at Ajman Bank.
The bank’s astounding success is attributed to several key factors. A significant surge in total operating income, reaching AED 1.5 billion, fueled a strong net operating income of AED 736 million. Moreover, the return on shareholders’ equity soared to 12.9%, a remarkable increase of 2,745 basis points, while the return on assets rose to 1.8%, up by 332 basis points. These financial highlights paint a clear picture of the bank’s impressive performance.
This success is further reinforced by a strengthened balance sheet. Ajman Bank’s total assets reached AED 23 billion, customer deposits climbed to AED 19 billion, and total shareholders’ equity stood at AED 3.1 billion.
His Highness Sheikh Ammar bin Humaid Al Nuaimi expressed his pride in the bank’s achievements, attributing them to the strength of its strategic vision and commitment to sustainable shareholder value. He highlighted the bank’s crucial role in supporting the growth of the UAE’s economy and acknowledged the dedication of the Board of Directors, senior executive management, and all employees for their significant contribution to the bank’s success.
Mustafa Al-Khalafawy, CEO of Ajman Bank, emphasized the bank’s transformational strategy as a key driver of this success. He stated that their focus on innovation, sustainable solutions, and addressing troubled assets has contributed significantly to achieving this milestone.
Recognizing the outstanding performance, the Board of Directors has proposed distributing cash dividends of 7.25%, subject to shareholders’ approval at the next General Assembly meeting.
Ajman Bank’s remarkable performance in 2024 demonstrates its resilience, strategic foresight, and commitment to driving sustainable growth. As the bank continues to innovate and adapt, it remains a cornerstone of the UAE’s financial sector, poised for even greater achievements in the future.