Ammar Al Nuaimi leads meeting of Ajman Bank Board of Directors

Ajman Bank, under the leadership of Sheikh Ammar, has recently announced its stellar financial performance for the first half of 2024. The bank’s results have surpassed all expectations, with a record-breaking half-yearly net profit of AED216 million, representing an impressive 111 percent increase from the same period in 2023.

The bank’s success can be attributed to its strong performance in Q2 2024, where it achieved a profit of AED108 million. This is a testament to the bank’s resilience and ability to adapt to changing market conditions. The total operating income for the first half of 2024 also saw a notable increase of 12 percent, reaching AED813 million compared to AED729 million in the previous year. Additionally, the net operating income rose by 2 percent to AED428 million.

One of the most significant achievements for Ajman Bank in the first half of 2024 is the remarkable improvement in Return on Shareholder Equity and Return on Asset. The Return on Shareholder Equity, on an annualized basis, doubled to 15.0 percent, marking an increase of 695 basis points from the same period in 2023. Similarly, the Return on Asset, on an annualized basis, also doubled to 1.8 percent, showing an increase of 88 basis points.

The bank’s strong financial performance is further underpinned by its solid balance sheet, which boasts Total Assets of AED24.2 billion, Customer deposits of AED20.2 billion, and Equity of AED2.9 billion. These figures reflect the bank’s stability and financial strength, positioning it as a reliable institution in the UAE banking sector.

In response to the outstanding results, Sheikh Ammar expressed his satisfaction with Ajman Bank’s performance in the first half of 2024. He attributed the bank’s success to its strategic initiatives and the robust economic landscape of the UAE. Sheikh Ammar commended the efforts of the Board of Directors, senior management, and all employees for their dedication and hard work, which have been instrumental in achieving such impressive results.

Looking ahead, Ajman Bank remains committed to delivering exceptional service to its customers and contributing to the growth of the UAE economy. The bank’s success in the first half of 2024 serves as a testament to its resilience, adaptability, and commitment to excellence in the banking industry.

In conclusion, Ajman Bank’s record-breaking financial performance in the first half of 2024 is a testament to its strong leadership, strategic vision, and solid financial foundation. The bank’s achievements underscore its position as a key player in the UAE banking sector and a trusted partner for customers seeking innovative financial solutions. The future looks bright for Ajman Bank as it continues to build on its success and drive sustainable growth in the years to come.