Dubai – Mubasher: Ajman Bank generated a net profit before tax worth AED 439.77 million in 2024, shifting from a net loss of AED 390.35 million in 2023.
The 2024’s positive results signalled the highest annual profit before tax in the bank’s history, according to an official statement.
After deducting income tax expense, Ajman Bank’s net profits stood at AED 400.65 million in 2024.
The basic and diluted earnings per share (EPS) stood at AED 0.16 in 2024, against a loss per share of AED 0.15 in 2023.
The total operating income, meanwhile, amounted to AED 1.50 billion during the January-December 2024 period, lower than AED 1.55 billion in the same 12-month period a year ago.
Ajman Bank reported total assets worth AED 22.85 billion as of 31 December 2024, compared with AED 24.93 billion at the end of 2023.
Islamic customer deposits decreased to AED 18.06 billion in 2024 from AED 19.72 billion in 2023.
Cash Dividends
During the meeting on 22 January 2025, the board members of Ajman Bank recommended 7.25 fils per share as a cash dividend, equivalent to 7.25% of the capital.
The dividends proposal is yet subject to the approval of the annual general assembly meeting, which will be held on 27 January.
Officials Comment
Highlighting the positive financial results in 2024, Chairman of Ajman Bank, Sheikh Ammar bin Humaid Al Nuaimi, who is the Crown Prince of Ajman, said: “These record-breaking financial results are a testament to the strength of Ajman Bank’s strategic vision and its commitment to delivering sustainable value for its shareholders.”
Al Nuaimi noted: “Ajman Bank continues to play a pivotal role in supporting the growth of the UAE’s economy, and its remarkable turnaround underscores our resilience and ability to adapt in an ever-changing financial landscape.”
From his part, Mustafa Al Khalfawi, CEO of Ajman Bank, stated: “Our robust performance in 2024 to enhance our value and positive returns of our shareholders, expand our customer base and invest in our talents where it reflects the success of our transformation strategy, driven by speed, service, and specialization, along with our unwavering commitment to innovation and customer-centric solutions, which helped us maximising our efficiency and decreasing general and administrative expenses by 5%.”
Al Khalfawi concluded: “As we move forward, we remain committed to building long-term value for our shareholders, while reinforcing our position as a key player in the UAE’s Islamic banking sector. Our strategic initiatives will continue to prioritize sustainable growth, driven by advanced financial services that meet the evolving needs of our customers and facing the banking challenges regionally and globally.”
In the first nine months (9M) of 2024, Ajman Bank shifted to net profit of AED 289.56 million versus net losses worth AED 87.31 million in 9M-23.
