Dubai – Mubasher: Ajman Bank generated net profits after tax worth AED 215.56 million in the first half (H1) of 2024, describing the results as the bank’s “all-time high half-yearly net profits,” according to a press release.
The H1-24 net profits after tax were 111% higher than AED 102.33 million in H1-23.
The basic and diluted earnings per share (EPS) of Ajman Bank went up to AED 0.08 in H1-24 from AED 0.04 in H1-23.
The net operating income soared to AED 428.13 billion during January-June 2024 from AED 421.26 million in the corresponding period last year.
The bank’s total assets stood at AED 24.23 billion as of 30 June 2024 compared with AED 24.93 billion as of 31 December 2023.
Islamic Customer deposits declined to AED 19.30 billion at the end of June 2024 from AED 19.72 billion as of 31 December 2023.
Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, Chairman of Ajman Bank, said: “Ajman Bank’s excellent H1-24 financial performance showcases the success of our strategic initiatives and the strength of the UAE’s economic landscape.”
Al Nuaimi added: “We are immensely proud of our team and extend my gratitude to the board of directors, senior management, and all employees for their continued support, hard work and dedication.”
From his part, Mustafa Al Khalfawi, CEO of Ajman Bank, stated, “Our outstanding H1-24 financial results with substantial income growth across all core businesses underscore Ajman Bank’s unique market position and reputation as a trusted partner.”
Al Khalfawi added: “These accomplishments are a collective victory for our team and our customers, driving us to innovate and excel further. Speed, Service, and Specialisation are the cornerstones of our operations. We are poised to capitalise on exciting opportunities ahead of us and we remain committed to delivering exceptional value and fostering innovation to drive sustainable growth.”
Second Quarter Financial Results
During the second quarter (Q2) of 2024, Ajman Bank achieved net profits after tax worth AED 108.13 million compared with AED 53.18 million in Q2-23.
The basic and diluted EPS rose to AED 0.04 in Q2-24 from AED 0.02 in Q2-23.
The net operating income surged to AED 233.30 million during April-June 2024 from AED 189.69 million in the year-ago period.
On a quarterly basis, the net profits of Ajman Bank in Q2-24 were higher than AED 107.42 million in Q1-24.
