iPhone | iPad
Android
Huawei
Islamic finance is used towards contributing to environmental, social and humanitarian projects, in line with the spirit of Islam.
Banking and Finance9 months ago
Enjoy our faster App experience
KT APPDOWNLOAD
Ajman Bank reports Dh61.9m profit in the first half of the year
Supplied
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
More news from Banking and Finance
Originally mandated to raise $200 million, the syndication facility was oversubscribed more than 75%.
Banking and Finance9 months ago
The net profit surged despite an increase in net impairment provisions, which increased to Dh127.8 million compared to Dh81.1 million for the previous year
Banking and Finance10 months ago
The bank said its first-half operating profit of Dh1.6 billion is a 4.6 per cent increase compared to the same 2020 period “as a result of increased operating income and reduced operating expense.”
Banking and Finance10 months ago
Contactless transactions isn’t new, but usage soared quickly due to safety concerns over the Covid-19 pandemic
Banking and Finance10 months ago
These guidelines are aimed at mitigating the risks as well as effectively implementing anti-money laundering and combatting the financing of terrorism (AML/CFT) obligations
Banking and Finance10 months ago