Ajman Bank, which complies with Shariah, announced on Wednesday that its total operational income increased by 66% to Dh1.56 billion in 2023 from Dh942 million in 2022.

Strong asset growth, which reached Dh24.9 billion, up 18.12% from the same time last year, supported the net operating income for the quarter that concluded at Dh857 million.

The Islamic finance assets of the firm showed 8.29% growth, ending the year at Dh13.8 billion. Customer deposits increased by 20.8 percent to Dh19.7 billion over the same time period.

The board meeting of Ajman Bank was presided over by Sheikh Ammar bin Humaid Al Nuaimi, the Crown Prince of Ajman and Chairman of the bank.

The bank made a one-time provision that was booked in the fourth quarter of 2023 in order to enhance the overall quality of the assets. Due to this, there was a Dh390 million one-time net loss in 2023, as opposed to a Dh162 million profit in 2022.

These one-time payments are anticipated to solve the necessary asset quality concerns and strengthen the portfolio in preparation for consistent, long-term growth starting in 2024.

Ajman Bank kept up a strong capital adequacy ratio of 15.62 percent, substantially above regulatory norms, as well as a Tier 1 capital adequacy ratio of 14.48 percent.

We had the chance to fortify our base and reorient our tactics in the face of unforeseen difficulties during the previous fiscal year. Ajman Bank CEO Mustafa Mohammed Saeed Al Khalfawi stated, “The decision to build on provisions, resulting in a one-time loss, reflects our prudent approach to risk management and our dedication to maintaining a robust balance sheet.”

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