May 23, 2024

Ajman Bank Reports Net Profit of AED 116.2 Million in 2021 (up by 117% YoY)

 Ajman Bank Reports Net Profit of AED 116.2 Million in 2021 (up by 117% YoY)

His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, Chairman of Ajman Bank, chaired the meeting of the Board of Directors of Ajman Bank, which was held on February 3, 2022, at the Ruler’s Court in the Emirate of Ajman. His Highness was briefed on the bank’s financial results for the year ending on December 31, 2021.

Ajman Bank has reported net operating income of AED 668.1 million in 2021 compared to AED 614.7 million in the previous year (up by 8.7% YoY). Fees, commission and other income for the year ended increased to AED 106.0 million as compared to AED 48.8 million in the previous year (up by 117.2% YoY).

The net profit in 2021 was reported as AED 116.2 million (up by 117% YoY).

His Highness Sheikh Ammar bin Humaid Al Nuaimi praised the positive results of the bank, expressing his satisfaction with the performance of the financial market in the UAE and its progress towards further prosperity despite the circumstances facing the entire world.

His Highness Sheikh Ammar also applauded the role of all those in charge of the bank’s operations and praised their efforts in serving investors and customers which earned the bank a distinguished reputation and a prominent position among local banks.

His Highness Sheikh Ammar, said, “We look forward with great optimism to the growth of the UAE economy, and we expect this economic recovery to continue with a positive upturn and favorable impact on our business results. We are confident it will contribute to achieving sustainable growth in revenues and operational results for Ajman Bank.”

Demonstrating its resilience, Ajman Bank made excellent progress in its business objectives despite the unprecedented economic challenges. The Bank’s robust performance is reflection of its strong liquidity and capital ratios as well as high level of dedication and commitment to superior service to ensure the continuity of all operations under all market conditions.

Mr. Mohamed Amiri, Chief Executive Officer, Ajman Bank, stated, “Ajman Bank is an integral part of the national economy of the UAE which remains buoyant. We have made excellent progress in retail and corporate banking despite the short-term market challenges through our disciplined and collaborative approach. With a goal to have a positive influence on the economy, businesses, and lives of people, we are committed to achieve long-term growth and profitability. Ajman Bank’s strong performance is driven by a well-defined business strategy, favourable product mix and exceptional customer service combined with industry-leading technological solutions and digitalization. We are very optimistic about the future and believe we can achieve great results consistently through focusing on diversifying sectors, enhancing gross margins, and concentrating on non-funded income. We are confident, with the support of our highly dedicated and hardworking team we will continue to serve our customers effectively and efficiently.”

As of 31 December 2021, the total assets amounted to 22.3 billion dirhams, compared to 21.5 billion as at 31 December 2020. Islamic customer deposits increased by 7.3% YoY and the Bank has capital adequacy ratio of 15.86% on regulatory capital.