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  • UAE Flag
    FIRST LOOK NOTES
    24 Jul 2025
    Ajman Bank
    HOLD
    AED 1.50
    AED 1.60
    +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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  • UAE Flag
    FIRST LOOK NOTES
    22 Apr 2025
    Ajman Bank
    HOLD
    AED 1.55
    AED 1.60
    +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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  • UAE Flag
    FIRST LOOK NOTES
    21 Apr 2025
    Ajman Bank
    HOLD
    AED 1.57
    AED 1.60
    +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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  • UAE Flag
    FIRST LOOK NOTES
    30 Jan 2025
    Ajman Bank
    HOLD
    AED 1.69
    AED 1.60
    -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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  • UAE Flag
    FIRST LOOK NOTES
    31 Oct 2024
    Ajman Bank
    SELL
    AED 1.74
    AED 1.35
    -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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  • UAE Flag
    FIRST LOOK NOTES
    23 Jul 2024
    Ajman Bank
    SELL
    AED 1.91
    AED 1.09
    -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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  • UAE Flag
    FIRST LOOK NOTES
    21 May 2024
    Ajman Bank
    SELL
    AED 1.83
    AED 1.09
    -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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  • UAE Flag
    FIRST LOOK NOTES
    24 Apr 2024
    Ajman Bank
    HOLD
    AED 0.80
    AED 0.85
    +6.25%

    Lower provision overshadowed drop in asset yield

    Ajman Bank’s net profit rose 8.3% YoY to AED 34 million in 1Q22, from AED 31 million in 1Q21, lower than our estimate of AED 26 million.
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  • UAE Flag
    FIRST LOOK NOTES
    28 Feb 2024
    Ajman Bank
    SELL
    AED 1.81
    AED 1.09
    -39.78%

    Decline in net funded income and one-off charges impacted profitability

    AJMANBANK’s net advances grew 9.0% to AED 13.7 Bn, while deposits grew 20.8% to AED 19.7 Bn in 4Q23.
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