Recent Research

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  FIRST LOOK NOTES

  04 Nov 2026

  Ajman Bank

  BUY

  Last Closing Price

  1.34

  Target Price

  1.80

  Upside (%)

  +34.33%

  UAE Equity Research - Ajman Bank 3Q26 - First Look Note

  Net advances increased 32.1% YOY and 2.0% QOQ to AED 20.1 Bn in 3Q26. Investment portfolio expanded 34.9% YOY and 12.1% QOQ to AED 6.8 Bn. Management Reiterated 2026 with financing growth of >15%, Cost of risk of &lt;60bps, NPF ratio of <5.5% and CAR of >15.5%.

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  EARNINGS CALL INSIGHT

  04 Nov 2026

  Ajman Bank

  BUY

  Last Closing Price

  1.34

  Target Price

  1.80

  Upside (%)

  +34.33%

  UAE Equity Research - Ajman Bank 3Q26 - Earnings Call Insight

  Net funded income increased 8.6% YOY to AED 104 Mn in 3Q26, supported by 18.7% YOY growth in funded income to AED 338 Mn, partially offset by a 23.8% YOY increase in funded expenses to AED 234 Mn in 3Q26.

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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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