Ajman Bank

An Islamic bank rooted in Ajman

As of: 2026-06-30

Ajman Bank PJSC is a Dubai Financial Market-listed Islamic bank headquartered in Ajman. Its business combines financing for households and companies, deposit-taking, investment securities and treasury services. The interim report records ten branches and two pay offices in the UAE, in addition to the head office. It is not a subsidiary of Emirates NBD or Emirates Islamic.

The financial statements give 17 April 2008 as the legal incorporation date and 22 December 2008 as the start of operations. Those precise milestones are more useful than treating different promotional descriptions of the bank’s founding and launch as interchangeable. This profile uses the group reporting perimeter, not a standalone bank balance sheet.

How the business earns income

As of: 2026-06-30

Consumer banking serves personal and priority customers through accounts, deposits, cards and personal and housing finance. Wholesale banking serves companies, government and public bodies, including trade finance, investment solutions and property leasing. Treasury manages money-market and foreign-exchange business with financial institutions and the UAE central bank.

Murabaha, Ijarah, Mudaraba, Musharaka, Wakala and Sukuk are among the structures named in the report. These are financing and investment activities, not evidence that the bank has no funding costs. Depositors’ profit share is a substantial deduction between gross operating income and net operating income. The UAE operating network should not be mistaken for a measured geographic revenue split, which is not supplied here.

Group perimeter changed during 2026

As of: 2026-06-30

The June report lists wholly owned Skyrise Properties, which undertakes real-estate brokerage and property management, and an 86.6% legal interest in Makaseb 2 Real Estate Investment. Makaseb 2 was previously an associate: appointing new directors gave the group control during the period and consolidation began from that date.

This is a change in accounting perimeter, not simply a new cash acquisition inferred from an ownership percentage. Before obtaining control, reassessment of the investment produced an impairment reversal. Consequently, comparing group assets or profits across periods requires attention to this change as well as to ordinary banking growth.

Ownership and leadership

As of: 2025-12-31 ownership; 2026-07-23 management signatures

The corporate report’s December 2025 ownership table identifies the Government of Ajman with 33.10%, H.H. Sheikh Humaid Rashid Bin Humaid Al Noaimi with 15.98%, and free-float investors with 50.92%. These are dated disclosed holdings, not a live shareholder register or a guarantee of state support.

The July 2026 financial statements are signed by chairman H.H. Sheikh Ammar Bin Humaid Al Nuaimi and chief executive Mustafa Al Khalfawi. Shareholding, board leadership and executive management are distinct roles. The founding-capital table still accessible elsewhere on the website should not replace the more recent dated ownership disclosure.

Annual foundation: 2025 versus 2024

As of: 2025-12-31

Audited consolidated annual accounts report net operating income of AED898.556 million in 2025, versus AED736.207 million in 2024. Profit after tax was AED500.038 million versus AED400.650 million. These full-year flows are not directly comparable with a six-month total.

Investment-securities income and fees, commissions and other income rose, while income from Islamic financing and investing assets declined. Thus the annual improvement was not uniform across revenue lines. The held annual document carries a cover caveat about regulatory approval and AGM adoption; this profile does not independently certify completion of those processes.

First-half performance: revenue and profit tell different stories

As of: 2026-06-30

For January–June 2026, gross operating income before depositors’ profit share reached AED880.182 million, compared with AED751.313 million in the same six months of 2025. Net operating income was AED437.375 million versus AED399.214 million. The larger gross number is not income retained entirely by the bank.

Profit before tax slipped to AED262.710 million from AED265.580 million, whereas profit after tax edged up to AED246.413 million from AED245.095 million as tax expense fell. The table uses the six-month columns, not the neighbouring second-quarter columns. Deloitte reviewed the interim information under IAS34; a review is narrower than an audit and is not an audit opinion.

Profit quality and the consolidation effect

As of: 2026-06-30

The first-half result includes AED35.497 million of reversal of impairment on non-financial assets, linked in note1 to reassessment of Makaseb2 before control. Net write-back of expected credit losses on financial assets was AED8.784 million, down from AED55.643 million a year earlier. These are different lines and should not be merged into recurring customer revenue.

General and administrative expenses rose to AED70.658 million from AED45.402 million. Editorially, the combination of higher operating income, rising expenses and a specific impairment reversal argues against interpreting almost unchanged net profit as a simple measure of underlying franchise growth. No invented adjusted profit is substituted for the reported result.

Balance sheet and liquidity

As of: 2026-06-30

Total assets reached AED33,865.319 million at June30, compared with AED32,863.451 million at December31. Net Islamic financing and investing assets increased to AED19,693.015 million from AED17,729.506 million. Islamic customer deposits declined to AED22,874.697 million from AED23,745.824 million, while amounts due to banks and financial institutions increased.

The wider funding base must not be relabelled customer deposits. Nor should management’s differently defined financing measure replace the net accounting line. Cash and cash equivalents declined to AED1,181.452 million from AED3,526.907 million at year-end. This is not the same measure as cash and central-bank balances. Funding mix, deposit stability and liquid resources matter more here than an industrial-company net-debt formula.

Capital and Sukuk: separate the dates

As of: 2026-06-30; subsequent event disclosed 2026-07-23

At June30 the group reported CET1 of12.96% and total capital adequacy of14.11%, compared with12.88% and14.05% at December31. These are regulatory ratios, not profit margins. The USD500 million Sukuk issued in April2025 has an April2030 maturity and a5.125% expected annual profit rate.

Note26 separately records a USD300 million AT1 issuance after the reporting date, at6.50%. The report expected capital adequacy to reach approximately18.27% after that issuance; this is not the measured June ratio. The subsequent issuance does not retroactively add cash or capital to the June balance sheet. No maturity is inferred for AT1 from a possible call date.

Risks and execution priorities

As of: 2026-06-30

Credit losses, property valuation and legal recovery remain relevant alongside profit-rate and funding risk. Note19.3 describes properties obtained in a customer settlement: subsequent court outcomes favoured the group, but transfer of title was still in progress at the reporting date. A favourable judgment is not identical to completed registration or cash collection.

The corporate report describes digital onboarding, core-system investment and customer-service automation. These initiatives can change service delivery, but the profile does not assign them an unsupported revenue or savings forecast. Execution also requires operational resilience, cyber controls and Sharia governance. Monitor the next disclosures for deposit trends, expense discipline, recovery outcomes and the capital position after AT1.

Official contacts

As of: 2026-08-31 contacts checked

The official website is ajmanbank.ae. Investor enquiries can be sent to Investors@Ajmanbank.ae through the Investor Support channel. The published service number is +971600555522. The registered postal address in the financial statements is P.O. Box7770, Ajman, United Arab Emirates.

These are public corporate channels, not private employee contacts. Investor Relations hosts the financial statements, while customer-service enquiries should use the bank’s service channels. The latest interim report found in the financial-statements directory on31August2026 covers June2026; this does not imply that every later corporate announcement has been reviewed.

How to read this profile

As of: 2026-08-31 editorial cutoff

Ajman Bank combines an expanding financing book with a funding mix and accounting perimeter that are changing. The useful distinction is between income growth, reported profit, impairment reversals and actual regulatory capital at a specified date. None alone provides a complete picture.

The financial table separates six-month flows from dated balance-sheet stocks and regulatory ratios. Annual results are explained separately. Amounts are normalized from AED thousands to AED millions without changing the underlying values. This is original editorial reporting based on selected official passages, not an independent financial audit, valuation or recommendation to buy or sell.

Sources

1. S1 · Ajman Bank: H1 2026 interim financial information · 2026-06-30
2. S2 · Ajman Bank: audited 2025 financial statements · 2025-12-31
3. S3 · Ajman Bank: corporate report 2025 · 2025-12-31
4. S4 · Ajman Bank: investor support · 2026-08-31