According to Amac News: In this meeting, the board of directors reviewed several financial and administrative issues and made the necessary decisions.
In the meeting, Ajman Bank reported the highest “profit before tax” in its history, equivalent to 440 million dirhams, with a growth of 213% compared to a net loss of 390 million dirhams in 2023.
It is said that this unparalleled performance was achieved through a total operating income of 1.5 billion dirhams and a net operating income of 736 million dirhams.
In 2024, Ajman Bank reported a return on equity ratio of 12.9% (up 2,745 basis points) and a return on assets ratio of 1.8% (up 332 basis points).
As part of its commitment to sustainable dividend distribution, the Bank’s Board of Directors has proposed a dividend of 7.25%, subject to shareholder approval at the upcoming general meetings.
These strong results are supported by a balance sheet comprising total assets of AED 23 billion, customer deposits of AED 19 billion and equity of AED 3.1 billion.
The capital position and asset quality have improved compared to the previous year, as evidenced by improvements in key ratios: the non-performing loan (NPL) ratio improved from 13.8% to 9.9%, mainly due to the successful resolution of 31% of non-performing loans.
The ECL coverage ratio has doubled from 1.0% to 2.1% as the bank has increased its reserves to strengthen its position above the industry average, while overall reserve coverage has also improved significantly by 22%.
The bank has also continued to diversify its portfolio and reduced its risk exposure to real estate by 7.3%.
Following its strong performance, Ajman Bank’s capital adequacy ratio reached 19.1% (up 348 basis points) and Tier 1 capital ratio reached 18.0% (up 348 basis points), which remain above regulatory requirements.
The facility to stable resources ratio of 76.3% and the eligible cash assets ratio of 17.1% demonstrate the bank’s strong liquidity and, together with its capital position, provide a solid foundation for continued growth.