Ajman Bank achieved an all-time high half-yearly net profit of Dh216 million in the first half of 2024, up 111%, following a strong profit of Dh108 million in Q2 2024.
The Shariah-compliant bank’s total operating income increased by 12% to Dh813 million, compared to Dh729 million in the first half of 2023. It recorded a net operating income of Dh428 million, a 2% increase.
Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank, stated, “Ajman Bank’s excellent H1 2024 financial performance demonstrates the success of our strategic initiatives and the strength of the UAE’s economic landscape.”
“Our H1 2024 financial results, which show significant income growth across all core businesses, demonstrate Ajman Bank’s unique market position and reputation as a trusted partner,” said Mustafa Al Khalfawi, CEO of Ajman Bank.
The Shariah-compliant lender’s capital adequacy ratio increased by 251 basis points to 17.6 percent, while the tier 1 capital ratio increased by 252 basis points to 16.4 percent, both of which remain significantly higher than regulatory requirements. Ajman Bank’s non-performing financing ratio fell significantly to 10.9% in Q2 2024, from 14.7% in Q1 2024.
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