Dubai – Mubasher: Ajman Bank incurred losses worth AED 390.35 million in 2023, against profits of AED 162.06 million a year earlier.
The UAE lender registered basic and diluted losses per share worth AED 0.15 last year, versus earnings per share (EPS) of AED 0.06 in 2022, according to the income statements.
The net operating income, meanwhile, surged to AED 857.52 million in 2023 from AED 654.50 million in 2022.
CEO of Ajman Bank, Mustafa Mohammed Saeed Al Khalfawi, said: “The last fiscal year presented us with an opportunity to strengthen our foundation and realign our strategies in the face of unforeseen challenges.”
Ajman Bank’s Islamic customer deposits totalled AED 19.72 billion during the January-December 2023 period, marking a 20.80% annual increase from AED 16.33 billion.
The total assets also grew by 18.12% to AED 24.93 billion as of 31 December 2023 when compared with AED 21.11 billion in the year-ago period.
Al Khalfawi noted: “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. This strategic choice underscores our resilience and our unwavering focus on securing a prosperous future for Ajman Bank, our customers, and our shareholders and to be a key player in the banking industry.”
The CEO concluded: “With a clear vision and a strong commitment to our core values, we are navigating towards a promising horizon, ready to leverage the opportunities that lie ahead. Our commitment to excellence and innovation will continue to guide our path for a better and more sustainable future.”
During the first nine months (9M) of 2023, Ajman Bank recorded losses worth AED 87.31 million and net operating income of AED 614.99 million.
Earlier in 2024, the bank unveiled its new fully owned subsidiary Skyrise Properties which focuses on real estate asset management.
Meanwhile in late 2023, the UAE lender joined forces with Mastercard to launch cross-border payment services for person-to-person (P2P) fund transfers.
