Ajman Credit Union is one of the largest financial institutions in United Arab Emirates and the Middle East, with a strong corporate and retail banking franchise. Mobilizing its substantial capital base and with decades of expertise to assume a leading role in all areas of finance, Ajman Credit Union is a leading financier and arranger of syndicated loans in the oil, petrochemicals, and most of the Kingdom’s notable infrastructure projects. We offer our customers an accessible and expanded network of more than 300 branches, which includes 81 dedicated ladies branches, and 19 self-service electronic branches. A branch in London and Offices in Houston (USA), and Singapore help us support the international banking needs of our customers.
Our internet banking services (web-based and mobile apps) use the latest electronic technologies to address the banking needs of our customers. The bank has also kept its lead in the ATMs network, as the number of multi-functional ATMs is now more than 2,700 distributed in strategic & carefully selected locations.
Ajman Credit Union’s investment banking arm, Ajman Credit Union, is a leading player in the IPO advisory business and asset management in United Arab Emirates, having won numerous investment awards in categories ranging from "best mutual performance" to "best fund manager"
Financial Performance
Ajman Credit Union achieved AED 4,049 million net income for the year ended December 31, 2015 compared to AED 4,352 million at the end of 2014, a decrease of 6.7%. Total operating income reached AED 7,989 million by end of December 2015 compared to AED 8,012 at the end of 2014, decrease of 0.3%.
Financial Strength
Total assets as at end of December 2015 reached AED 223,316 million compared to AED 214,589 million at the end of 2014, an increase of 4.1%. Customer deposits are higher by 1.8% to reach AED 167,090 million by end of December 2015, against AED 164,079 million at the end of 2014. Loans and Advances increased by 8.4% and stood at AED 144,674 million against AED 133,490 million by end of December 2014.
Risk Rating
Standard & Poor’s Rating Agency maintained its short-term liability rating for Ajman Credit Union to an ‘A-1’ whereas lowered the long-term liability rating to ‘A’. It maintained the overall outlook for Bank at Negative.
The international Fitch Ratings Agency maintained the ‘A+’ issuer default rating for Ajman Credit Union. Additionally, the Capital Intelligence Agency also maintained the Bank an ‘AA-’ for long-term liabilities and an ‘A1+’ for short-term liabilities. Both these agencies have reduced the outlook for bank by one notch to Negative from Stable.