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Islamic finance is used towards contributing to environmental, social and humanitarian projects, in line with the spirit of Islam.
Banking and Finance4 months ago
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Ajman Bank reports Dh61.9m profit in the first half of the year
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Ajman Bank has achieved a consolidated net profit of Dh61.9 million for the first half of 2021, compared to a profit of Dh43 million for the same period last year, an increase of 44 per cent.
Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, and Chairman of Ajman Bank, chaired the meeting of the board of directors of the bank.
During the meeting, it was announced that this positive trend was also reflected in the increase in the bank’s net operating income of Dh331.9 million for the first half of 2021 achieving an increase of 19 per cent compared to the first half of 2020’s net operating income of Dh278.9 million.
Mohamed Amiri, CEO of Ajman Bank, said: “Ajman Bank experienced a strong performance in the second quarter of 2021, as net revenues started to improve again after the decline during the pandemic. We have seen consumer and corporate confidence rising across our businesses as reflected in our performance. This demonstrates the recovery of the UAE economy and we are optimistic about the momentum ahead.”
Amiri added: “Our strong results for the second quarter of 2021 represent an important turning point for Ajman Bank after a challenging year since the start of the pandemic in March last year. The staff and the board of directors have done their best to preserve the value of the bank’s franchise and help our customers to get through these difficult circumstances, and we are very optimistic about the positive indicators shown by Ajman Bank and the UAE economy in general. We expect the improvement to continue over the coming quarters with sustained revenue growth, lower provisions and better cost control.”
As of June 30, 2021, the total assets amounted to Dh21.3 billion compared to Dh21.5 as at December 2020.
The bank’s capital is Dh2.1 billion, and the total shareholder’s equity is Dh2.58 billion. The bank plays a pivotal role in promoting the development process in Ajman and activating all available possibilities to deliver the added value to its customers in the UAE.
business@khaleejtimes.com
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