Ajman Bank posts Dh145 Million profit before tax in Q1 2025, reflecting 24% growth

21/04/2025 02:10 AST

Ajman Bank has posted a profit before tax of Dh145 million in Q1 2025, reflecting a 24 per cent increase.

The bank reported the net operating income of Dh199 million, up by 2 per cent for Q1 2025, reflecting continued strength in core business performance with continued focus on strong recoveries, cost rationalization, increasing efficiencies through digitization and automation of IT infrastructures.

These results are underpinned by a robust balance sheet growth, with total assets reaching Dh25 billion (up by 7 per cent), customer deposits rising to Dh21 billion (up by 8 per cent), and total shareholder equity standing at Dh3.1 billion (as compared to 2024 year end).

The bank's capital position and asset quality continue to demonstrate solid improvement year-on-year as well as on a sequential quarterly basis. The capital adequacy ratio (CAR) stood at 18.2 per cent with Tier 1 capital at 17.0 per cent. Return on shareholder equity (ROE) was reported at 17.4 per cent (up by 161 bps), while return on assets (ROA) stood at 2.3 per cent (up by 49 bps). The non-performing loan (NPL) ratio improved to 9.7 per cent (from 9.9 per cent as of 2024 year end).

Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, Chairman of Ajman Bank, said, "The progress of Ajman Bank reflects the strength of our vision for Ajman's future and the pivotal role financial institutions play in shaping resilient and inclusive economies. As the banking sector continues to evolve, Ajman Bank stands at the forefront-guided by sound governance, national values, and a commitment to responsible growth. This achievement is not only a reflection of performance, but of purpose. I commend the Board, management, and every member of our team whose dedication and professionalism continue to drive our journey forward and contribute to the broader success of the United Arab Emirates."

Mustafa Al Khalfawi, CEO of Ajman Bank, stated, "Ajman Bank's Q1 2025 results reflect the strength of our ongoing transformation and our ability to deliver consistent, value-driven performance. We remain focused on creating long-term value for our shareholders while continuing to invest in innovation, human capital, and customer-centric solutions. Our commitment to speed, service, and specialization continues to shape a bank where customer experience, innovation, and impact are at the core of everything we do. I am deeply grateful to our Board of Directors, our exceptional team, and our valued customers for their continued trust and loyalty. We are also proud to contribute to the growth of the resilient and dynamic UAE economy, which continues to offer a strong foundation for sustainable progress. Together, we are shaping an institution that is agile, responsible, and fully aligned with the future of Islamic finance."

Khaleej Times