Dubai – Mubasher: Ajman Bank shifted to net losses amounting to AED 87.31 million in the first nine months (9M) of 2023, compared to net profits worth AED 112.61 million in 9M-22.
Net operating income climbed by 39% year-on-year (YoY) to AED 614.99 million as of 30 September 2023 from AED 442.65 million, according to the interim financial statements.
Basic and diluted loss per share hit AED 0.03 in January-September 2023, versus earnings per share (EPS) of AED 0.04 a year earlier.
Total assets increased to AED 25.20 billion in 9M-23 from AED 21.11 billion as of 31 December 2022, while the Islamic customer deposits jumped to AED 19.57 billion from AED 16.33 billion.
Financials for Q3-23
In the third quarter (Q3) of 2023, the lender turned to net losses valued at AED 189.64 million, against net profits of AED 37.69 million during the same period in 2022.
The net operating income surged to AED 193.72 million in Q3-23 from AED 169.45 million in Q3-22. Meanwhile, the basic and diluted loss per share reached AED 0.07 when compared with a profit per share amounting to AED 0.01.
The CEO of Ajman Bank, Mustafa Mohammed Saeed Al Khalfawi, highlighted: “To make our products and services more accessible, we are expanding our consumer and wholesale banking sectors and broadening our reach with more physical and digital branches.”
“Looking ahead, we foresee a strong trajectory of profitability, fostering a steady dividend distribution to our shareholders in the coming years,” Al Khalfawi added.
He elaborated: “The losses we incurred this year stem from a one-off transaction which we have learned valuable lessons from, further sharpening our strategic acumen.”
During the first half (H1) of 2023, the net profits after tax of Ajman Bank enlarged to AED 102.22 million from AED 74.92 million in H1-22.
