Financial Performance Breakdown
In a significant announcement, Ajman Bank disclosed a remarkable achievement in its financial performance for the fiscal year 2023. The Shariah-compliant bank reported a total operating income of Dh1.56 billion, representing a remarkable 66% surge from the previous year.
The robust net operating income reached Dh857 million, highlighting the bank’s strategic focus and operational efficiency. Total assets saw a notable increase of 18.12%, reaching Dh24.9 billion, while Islamic financing assets and customer deposits experienced substantial growth.
Strategic Initiatives and Future Vision
Under the leadership of Sheikh Ammar bin Humaid Al Nuaimi, Ajman Bank’s Chairman, the board outlined future strategic endeavors to build on the bank’s success. CEO Mustafa Mohammed Saeed Al Khalfawi emphasized the importance of proactive measures, such as one-off provisions, to fortify asset quality and ensure long-term sustainability.
Despite a one-off provision resulting in a net loss for the year, Ajman Bank maintained a strong capital position, exceeding regulatory requirements and demonstrating resilience in the face of challenges. Al Khalfawi reiterated the bank’s commitment to prudent risk management practices and navigating uncertainties with foresight.
