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Khaleej Times
20-04-2025
- Business
- Khaleej Times
Ajman Bank posts Dh145 Million profit before tax in Q1 2025, reflecting 24% growth
Ajman Bank has posted a profit before tax of Dh145 million in Q1 2025, reflecting a 24 per cent increase. The bank reported the net operating income of Dh199 million, up by 2 per cent for Q1 2025, reflecting continued strength in core business performance with continued focus on strong recoveries, cost rationalization, increasing efficiencies through digitization and automation of IT infrastructures. These results are underpinned by a robust balance sheet growth, with total assets reaching Dh25 billion (up by 7 per cent), customer deposits rising to Dh21 billion (up by 8 per cent), and total shareholder equity standing at Dh3.1 billion (as compared to 2024 year end). The bank's capital position and asset quality continue to demonstrate solid improvement year-on-year as well as on a sequential quarterly basis. The capital adequacy ratio (CAR) stood at 18.2 per cent with Tier 1 capital at 17.0 per cent. Return on shareholder equity (ROE) was reported at 17.4 per cent (up by 161 bps), while return on assets (ROA) stood at 2.3 per cent (up by 49 bps). The non-performing loan (NPL) ratio improved to 9.7 per cent (from 9.9 per cent as of 2024 year end). Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, Chairman of Ajman Bank, said, 'The progress of Ajman Bank reflects the strength of our vision for Ajman's future and the pivotal role financial institutions play in shaping resilient and inclusive economies. As the banking sector continues to evolve, Ajman Bank stands at the forefront—guided by sound governance, national values, and a commitment to responsible growth. This achievement is not only a reflection of performance, but of purpose. I commend the Board, management, and every member of our team whose dedication and professionalism continue to drive our journey forward and contribute to the broader success of the United Arab Emirates.' Mustafa Al Khalfawi, CEO of Ajman Bank, stated, 'Ajman Bank's Q1 2025 results reflect the strength of our ongoing transformation and our ability to deliver consistent, value-driven performance. We remain focused on creating long-term value for our shareholders while continuing to invest in innovation, human capital, and customer-centric solutions. Our commitment to speed, service, and specialization continues to shape a bank where customer experience, innovation, and impact are at the core of everything we do. I am deeply grateful to our Board of Directors, our exceptional team, and our valued customers for their continued trust and loyalty. We are also proud to contribute to the growth of the resilient and dynamic UAE economy, which continues to offer a strong foundation for sustainable progress. Together, we are shaping an institution that is agile, responsible, and fully aligned with the future of Islamic finance.'
Khaleej Times
20-02-2025
- Sport
- Khaleej Times
Look: Teams battle in Dubai Games for Dh3.1 million prize pool after intense training
Having flown all the way from Scotland, Graeme Smith stood proudly amidst a cheering crowd and applauded for her daughter, Rachael Forbes. Rachael was among the participants competing for the Ministry of Education in the Battle of the Government, part of the Dubai Games held on Thursday, February 20. 'I arrived on Saturday just to support her,' said Graeme. Along with her stood Marie Forbes, Rachel's husband, who took a day off work to support his wife in her second year at this event. 'We love to come and be here with her,' Marie said. 'The atmosphere here is amazing, and being part of such an inspiring event feels great. It's not just about winning but being part of something bigger.' Under the bright Dubai sun, a competitive atmosphere enveloped the Dubai Games, where government teams from various ministries engaged in thrilling competitions. Each team faced a series of challenging obstacles designed to test their strength and resilience. With an overall prize fund exceeding Dh3.1 million, the Battle of the Government for both men and women was set to compete for Dh500,000. Stay up to date with the latest news. Follow KT on WhatsApp Channels. As families gathered to support their loved ones, the excitement was palpable. The cheers of trainers filled the grounds, rallying their teams and fuelling their determination. Months of rigorous training culminated in this moment, and the teams were ready to give it all. Tara Cooney, a sports specialist and captain of the Ministry of Education team, expressed her enthusiasm for the event. 'Every year, the Dubai Games gets bigger and better. The challenges are tough, but they foster teamwork and collaboration,' she said, noting that their team had over 300 sign-ups just for trials this year. Andrew Wilks, the trainer for the Ministry of Education team, emphasised the importance of teamwork in their training. 'We've focused not only on physical strength but also on communication skills. In stressful environments, precise communication is key to overcoming obstacles,' he explained. 'Last year, our girls won first place, and we are aiming to defend our title.' As the competition kicked off, the sound of cheers and encouragement echoed across the venue. Families watched eagerly, their support evident as participants tackled each challenge. "It's more than just a game; it's about community and collaboration," Andrew concluded. Rawdha Qatami Almansoori, a participant from Dewa, reflected on her journey since the inception of the Dubai Games in 2018. 'This is our sixth year, and I've witnessed our team's growth firsthand. We've secured second place three times, and each year, the competition becomes increasingly fierce. But it's the spirit of teamwork that drives us. The support from our authority is incredible, and the turnout keeps growing.' Meanwhile, Saud Alsuwaidi, senior manager of Employee Engagement at Dubai Airport, explained how their male team prepared for the games. 'We started training in August, conducting evaluations to select our team. As the competition neared, our training increased to three times a week to ensure we're in top shape,' he said. 'The flexibility our authority provides allows us to balance work and training effectively.' Launched in 2018 as 'Gov Games' under the directives of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council, the event aimed to promote teamwork and strategic thinking. in 2025, the tournament was rebranded as 'Dubai Games', reflecting Dubai's leadership as a global hub for sporting events. The event, which will conclude on Sunday, February 23, will offer prizes across various categories. In addition to the Battle of the Government, the Battle of the Community will award Dh500,000 for 1st place. In the Battle of the Cities, the top prize will also be Dh500,000 for 1st place and Dh250,000 for 2nd place, while the prizes for the Battle of the Juniors are Dh70,000 for the first place.
Khaleej Times
29-01-2025
- Business
- Khaleej Times
Emirates Islamic profit before tax rises 46% to record Dh3.1 billion in 2024
Emirates Islamic on Wednesday reported a record profit before tax of Dh3.1 billion, a 46 per cent increase over the previous year. Net profit increased to a record Dh2.8 billion, up by 32 per cent. Total income increased 13 per cent to Dh5.4 billion as assets grew 27 per cent to Dh111 billion. Customer financing surged by an impressive 31 per cent to Dh71 billion and customer deposits increased by a very healthy 25 per cent to Dh77 billion in 2024. Total income rose 13 per cent year on year to Dh5.4 billion driven by higher funded and non-funded income. Expenses decreased seven per cent year on year. Impairment allowances decreased 28 per cent year on year due to improvement in credit quality. Customer financing increased by 31 per cent to Dh71 billion in 2024. Customer deposits increased by 25 per cent to Dh77 billion in 2024 with Current Account and Savings Account balances at 70 per cent of total deposits. Non-performing financing ratio improved to 4.4 per cent with strong coverage ratio at 142 per cent. Hesham Abdulla Al Qassim, chairman of Emirates Islamic said: 'Emirates Islamic delivered its best-ever financial performance during 2024, cementing our position as the fastest-growing Islamic bank in the UAE. The bank's remarkable trajectory is reflected in a very strong balance sheet, with assets growing at a faster rate compared to any of the UAE Islamic Banks since 2020.' Farid AlMulla, chief executive officer of Emirates Islamic said: 'Looking ahead to 2025, Emirates Islamic will remain focused on advancing our strategic objectives to drive growth and deliver value for all stakeholders. We remain committed to enhancing customer experience, operational efficiency, risk management and sustainability.'
