Recent Research

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  FIRST LOOK NOTES

  22 Apr 2025

  Ajman Bank

  HOLD

  Last Closing Price

  AED 1.55

  Target Price

  AED 1.60

  Upside (%)

  +3.23%

  UAE Equity Research - Ajman Bank 1Q25 - First Look Note

  Net advances rose 6.1% YOY and 7.4% QOQ to AED 13.9 Bn in 1Q25, while customer deposits rose 0.4% YOY and 2.5% QOQ at AED 18.5 Bn in 1Q25. NIMs fell by 28 bps YOY to 1.9% in 1Q25, however, rose 32 bps QOQ due to the lower cost of funds.

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  FIRST LOOK NOTES

  21 Apr 2025

  Ajman Bank

  HOLD

  Last Closing Price

  AED 1.57

  Target Price

  AED 1.60

  Upside (%)

  +1.91%

  UAE Equity Research - Ajman Bank - Earnings Flash

  Ajman Bank reported a robust set of results for the 1Q25, demonstrating resilience across profitability, asset quality, and liquidity metrics. Despite a year-over-year decline in operating income, net profit surged by 25%, supported by efficient cost management and a substantial reversal of credit provisions. The bank continues to maintain a strong capital position.

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• 

  FIRST LOOK NOTES

  30 Jan 2025

  Ajman Bank

  HOLD

  Last Closing Price

  AED 1.69

  Target Price

  AED 1.60

  Upside (%)

  -5.33%

  UAE Equity Research- Ajman Bank 4Q24- First Look Note

  Ajman Bank (AJMANBANK/ the Bank) recorded a net profit of AED 111 Mn in 4Q24 from a loss of AED 303 Mn in 4Q23, surpassing our forecast of AED 70 Mn. The growth in net profit is mainly attributable to an increase in non-funded income, a decline in operating expenses, and impairments partially offset by a fall in net funded income and higher corporate tax.

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  FIRST LOOK NOTES

  31 Oct 2024

  Ajman Bank

  SELL

  Last Closing Price

  AED 1.74

  Target Price

  AED 1.35

  Upside (%)

  -22.41%

  UAE Equity Research - Ajman Bank 3Q24 - First Look Note

  Net advances declined 8.4% YOY and 3.6% QOQ to AED 13.4 Bn in 3Q24, and customer deposits declined 1.4% YOY and remained at a similar level of 2Q24 at AED 19.3 Bn in 3Q24. NIMs declined 8 bps YOY and 29 bps QOQ to 2.3% in 3Q24 due to the higher cost of funds.

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• 

  FIRST LOOK NOTES

  23 Jul 2024

  Ajman Bank

  SELL

  Last Closing Price

  AED 1.91

  Target Price

  AED 1.09

  Upside (%)

  -42.93%

  Higher fee and commission income boosted the bottom-line

  Net advances grew 1.3% YOY and 6.1% QOQ to AED 14 Bn in 2Q24, while customer deposits rose 0.5% YOY and 4.7% QOQ to AED 19 Bn in 2Q24.

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• 

  FIRST LOOK NOTES

  21 May 2024

  Ajman Bank

  SELL

  Last Closing Price

  AED 1.83

  Target Price

  AED 1.09

  Upside (%)

  -40.44%

  Higher non-core income and reversal in impairments supported profitability

  Net advances fell 0.3% YOY and 4.8% QOQ to AED 13 Bn in 1Q24, customer deposits fell 4.4% YOY and 6.6% QOQ to AED 18 Bn in 1Q24.

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