Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank, chaired a board meeting at the Ajman Ruler’s Court that was also attended by the members of the board and Mustafa Mohammed Saeed Al Khalfawi, the CEO of the bank on Thursday. The meeting was followed by the reporting of a nine-month net income of Dh615 million, a 39% increase over the same period last year.

The rise in net income was driven by a strong growth in assets, reaching Dh25.2 billion, reflecting a 23% increase from the previous year. This was combined with the bank’s efforts to significantly improve liquidity levels and capital adequacy. However, the bank reported a net loss of Dh87.3 million compared to a net profit of Dh112.6 million during the same period in 2022 due to substantial provisioning.

Al Khalfawi commented on the performance, stating that Ajman Bank stands on robust fundamentals and steady lines of income generation, with a commitment to continuous cost rationalization and strategic investment in digital transformation. He also emphasized the bank’s focus on maintaining the highest standards of compliance to support the overall national direction.

Furthermore, Ajman Bank’s liquidity remains resilient, with an advances to stable resources ratio of 78.86% and an eligible liquid asset ratio of 19.22%, both well above the regulatory requirement, underscoring the bank’s capacity to withstand financial fluctuations and its commitment to financial prudence. This, paired with the bank’s commitment to customer service excellence and operational resilience, positions it for sustained growth and long-term success.

The CEO also noted that the losses incurred this year stem from a one-off transaction, from which valuable lessons have been learned, further sharpening the bank’s strategic acumen. Looking ahead, Ajman Bank foresees a strong trajectory of profitability, fostering a steady dividend distribution to its shareholders in the coming years.

Overall, the bank is focused on expanding its consumer and wholesale banking sectors and broadening its reach with more physical and digital branches to provide accessible products and services. Al Khalfawi added that the banking environment in the UAE continues to flourish thanks to the solid foundations it is built upon and is strengthened by the economic growth and flexibility in facing global challenges. The government of Ajman owns the largest share of the bank’s stock, which positions it to play a fundamental role in shaping the banking scene in the United Arab Emirates and benefit from opportunities provided by the local market.