AJMAN BANK PJSC

Ajman Bank has announced the opening of nominations for its Board of Directors membership. The nomination period will run from March 15 to 25, 2024. Eligible shareholders can apply for the board positions, with the application to include an introduction of the applicant and the type of membership they are seeking. The board will be composed of seven members. The nominations will be open for 10 days as per the requirements of Article (9) of the Chairman of the Authority’s Board of Directors’ Decision No. (3/Chairman) of 2020. Applicants must meet specific conditions including having relevant experience, a clean criminal record, and no legal issues related to honesty and integrity. The application must be accompanied by certain documents including a CV and a statement of compliance with the Companies Law. The final list of candidates will be published on the company's website on April 15, 2024. The applications will be reviewed and approved by the Department of Economic Development in Ajman and the Central Bank.

Ajman Bank's FY2023 results indicate a strong financial performance with gross operating income reaching AED 1,560 million, a 66% increase from AED 942 million in 2022. The bank also saw an 18.12% increase in assets, reaching AED 24.9 billion, and an 8.29% growth in Islamic financing assets, totaling AED 13.8 billion. Customer deposits grew by 20.8% to AED 19.7 billion. However, a one-off provision made in the fourth quarter resulted in a net loss of AED 390 million for the year, compared to a net profit of AED 162 million in 2022. Ajman Bank's CEO, Mr. Al Khalfawi, views this as a strategic move to strengthen the bank's foundation and improve its asset quality.

The independent auditor's report and financial statements for Ajman Bank PJSC for the year ending 31 December 2023 are pending approval from the Central Bank of UAE and adoption by shareholders at the Annual General Meeting.