Recent Research

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  FIRST LOOK NOTES

  29 Jul 2026

  Ajman Bank

  BUY

  Last Closing Price

  1.37

  Target Price

  1.80

  Upside (%)

  +31.39%

  UAE Equity Research - Ajman Bank 2Q26 - First Look Note

  Net advances rose 32.8% YOY and 1.2% QOQ to AED 19.7 Bn in 2Q26, reflecting an increase in the Bank’s financing activities. Calculated cost of risk normalised to 0.2% in 2Q26 from negative 0.4% in both 2Q25 and 1Q26, which Bank attributed to routine IFRS 9 Stage 1 provisioning on a growing financing book rather than any credit deterioration.

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• 

  FIRST LOOK NOTES

  30 Jan 2026

  Ajman Bank

  BUY

  Last Closing Price

  1.49

  Target Price

  1.80

  Upside (%)

  +20.81%

  UAE Equity Research - Ajman Bank 4Q25 - First Look Note

  Net advances grew 36.8% YOY and 16.6% QOQ to AED 17.7 Bn in 4Q25, while customer deposits rose 31.5% YOY and 15.5% QOQ to AED 23.7 Bn in 4Q25. Cost-to-income ratio improved to 48.9% in 4Q25 from 69.5% in 4Q24.

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• 

  FIRST LOOK NOTES

  27 Oct 2025

  Ajman Bank

  ACCUMULATE

  Last Closing Price

  1.44

  Target Price

  1.60

  Upside (%)

  +11.11%

  UAE Equity Research - Ajman Bank 3Q25 - First Look Note

  Calculated NIMs declined by 51 bps YOY and 6 bps QOQ to 1.8% in 3Q25. Net advances grew 13.5% YOY and 2.6% QOQ to AED 15.2 Bn in 3Q25, while customer deposits rose 6.5% YOY to AED 20.6 Bn in 3Q25.

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  FIRST LOOK NOTES

  24 Jul 2025

  Ajman Bank

  HOLD

  Last Closing Price

  1.50

  Target Price

  1.60

  Upside (%)

  +6.67%

  Ajman Bank- 2Q25 First Look Note

  Net advances grew 6.6% YOY and 6.5% QOQ to AED 14.8 Bn in 2Q25, while customer deposits rose 3.5% YOY and 7.9% QOQ to AED 20.0 Bn in 2Q25. NPL ratio declined from 12.3% in 2Q24 to 10.2% in 2Q25, while stage 2 loans as a percentage of total loans fell from 10.5% in 1Q25 to 7.6% in 2Q25.

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  FIRST LOOK NOTES

  22 Apr 2025

  Ajman Bank

  HOLD

  Last Closing Price

  1.55

  Target Price

  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

  1.57

  Target Price

  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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