Ajman Bank shifts to AED 289.5m net profits in 9M-24

Ajman Bank
AJMANBANK -1.69% 1.74 -0.03

Dubai – Mubasher: Ajman Bank turned profitable at AED 289.56 million in the first nine months (9M) of 2024, against net losses valued at AED 87.31 million in 9M-23.

Basic and diluted earnings per share (EPS) hit AED 0.11 as of 30 September 2024, compared to a loss per share of AED 0.03 in the year-ago period, according to the financial results.

Ajman Bank registered net operating income amounting to AED 615.94 million in 9M-24, an annual rise from AED 614.99 million.

In 9M-24, the bank delivered an all-time highest record, with net profits before tax valued at AED 313 million, compared to a net loss of AED 87 million in 9M-23.

This strong performance is on the back of a 9% increase in total operating income to AED 1.20 billion, versus AED 1.10 billion during the corresponding period of 2023.

Financials for Q3-24

In the third quarter (Q3) of 2024, the DFM-listed lender shifted to net profits amounting to AED 73.99 million, versus net losses worth AED 189.64 million in Q3-23.

The basic and diluted EPS reached AED 0.03 in July-September 2024, against a loss per share of AED 0.07 a year earlier. Net operating income declined to AED 187.80 million from AED 193.72 million.

Mustafa Al Khalfawi, CEO of Ajman Bank, stated: “The consistent rise in operating income, profitability, and asset quality as well as reducing operating expenses by 6% is a direct result of our focus on speed, service, and specialisation, along with our unwavering commitment to innovation and customer-centric solutions, and focusing on remediating the distressed assets, resulting in strong recoveries.”

During the six-month period that ended on 30 June 2024, the bank’s net profits after tax hit AED 215.56 million.

Source: Mubasher Source: {{details.article.source}}