Telco’s AGM to approve cash dividends of 40 fils per share for H2 of 2023
Shariah-compliant Ajman Bank on Wednesday said its total operating income reached Dh1.56 billion in 2023 as compared to Dh942 million in 2022, an increase of 66 per cent.
Net operating income totalled Dh857 million, supported at the same time by strong growth in assets reaching Dh24.9 billion, an increase of 18.12 per cent compared to the same period of the previous year.
The lender saw 8.29 per cent growth in Islamic financing assets, which closed the year at Dh13.8 billion. During the same period, customer deposits grew by 20.8 per cent to Dh19.7 billion.
Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank, chaired the bank’s board meeting.
To improve the overall asset quality, the bank took a one-off provision which has been booked in the fourth quarter of 2023. This has resulted in a one-off net loss of Dh390 million for 2023 as compared to a net profit of Dh162 million in 2022.
These provisions are expected to be one-off, address the required asset quality issues and make its portfolio healthier for sustained and long-term growth from 2024 onwards.
Ajman Bank maintained a healthy capital adequacy ratio of 15.62 per cent and a Tier 1 capital adequacy of 14.48 per cent, both well above regulatory requirements.
“The last fiscal year presented us with an opportunity to strengthen our foundation and realign our strategies in the face of unforeseen challenges. The decision to build on provisions, resulting in a one-off loss, reflects our prudent approach to risk management and our dedication to maintaining a robust balance sheet,” said Mustafa Mohammed Saeed Al Khalfawi, CEO of Ajman Bank.
ALSO READ:
Telco’s AGM to approve cash dividends of 40 fils per share for H2 of 2023
Total income reached to Dh5.607 billion compared to Dh4.431 billion, a solid expansion of 26.5 per cent YoY
Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah, presented the awards to the winners in various categories
Move aims to deepen multi-sectoral cooperation
Brands in the UAE and the region have been advised to create the right awareness schemes that they’re deemed neutral
This continuous rise in investment is attributed to an emerging trend of financialisation of savings
The UAE registered trademarks totalling 4,610 in Q1
One of the driving forces behind the growth is the adventurous spirit of millennials and Gen Z