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Earnings Report

Ajman Bank

Q1 26 NEUTRAL LOW Impact

1. Company Overview & Earnings Context

Ajman Bank PJSC reported its Q1 2026 earnings, reflecting stable profitability with growth in core income, alongside higher balance sheet expansion during the quarter.

2. Financial Performance Snapshot

  • Total operating income (before depositors’ share): AED 443.0M (+22% YoY)

  • Net operating income: AED 221.8M (+11% YoY)

  • Profit before tax: AED 134.2M (vs AED 145.1M YoY)

  • Net profit after tax: AED 129.6M (slightly lower YoY)

  • EPS: AED 0.048 (vs 0.050 YoY)

3. Operational Highlights & Key Metrics

  • Total assets: AED 32.83B

  • Total equity: AED 3.20B

  • Customer deposits: AED 24.08B

  • Islamic financing & investing assets (net): AED 19.45B

  • Investment securities: AED 5.55B

As seen in the statement of financial position (page 2), the bank continues to maintain a large and diversified balance sheet with strong deposit base and financing growth.

4. Key Performance Drivers

Based on the profit & loss statement (page 3), performance was influenced by:

  • Strong growth in financing income (+26% YoY)

  • Higher income from investment securities (+50% YoY)

  • Increase in depositors’ share of profits, impacting net margins

  • Higher operating expenses, particularly admin costs

  • Lower write-back of credit provisions vs last year

Overall, top-line growth was offset by margin pressures and normalization of credit-related gains.

5. Outlook & Forward Considerations

Ajman Bank operates across consumer banking, wholesale banking, and treasury segments, offering Shariah-compliant financial products.

Key forward considerations include:

  • Managing cost base and efficiency levels

  • Sustaining financing asset growth

  • Monitoring credit risk and provisioning trends

  • Navigating regional macro and liquidity conditions

The bank reported a capital adequacy ratio of ~13.78%, remaining above regulatory requirements.

6. 🧾 Investor Takeaway

Ajman Bank’s Q1 2026 results show solid revenue growth supported by financing and investment income, while profitability remained stable due to higher costs and lower provision write-backs.