Ajman Bank net profit climbs 40% to Dh162.1 million in 2022

Ajman Bank on Thursday announced that its annual net profit surged 40 per cent to Dh162.1 million last year compared to Dh116.2 million in 2021.

The bank attributed the growth in annual profit to positive economic conditions in the UAE offering a favourable environment for businesses to thrive and grow.

The Ajman-based lender reported total operating income of Dh942.3 million in 2022 compared to Dh908.4 million in the previous year. Fees, commission and other income for the year ended increased to Dh184.8 million as compared to Dh106.0 million in the previous year, reflecting a year-on-year increase of 74 per cent.

Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, Chairman of Ajman Bank, expressed his appreciation of Ajman Bank’s positive results and was pleased with the performance of the UAE's financial market, which is moving towards greater prosperity

Al Nuaimi, who chaired the meeting of the board of directors of Ajman Bank on Thursday, recognised and lauded the efforts of those responsible for the bank's operations in serving investors and customers.

"The positive economic conditions in the UAE provide a favourable environment for businesses to thrive and grow. Our strong financial results are testament to the strength and stability of the UAE economy and Ajman Bank is an integral part of it. We are confident that our focus on delivering exceptional solutions through strategic investments and innovative business practices to our clients will result in sustained success for Ajman Bank,” Al Nuaimi said.

Mohamed Amiri, chief executive officer, Ajman Bank, said: “Our success is due to a disciplined and cooperative approach, with a goal to have a positive impact on the economy, businesses, and people's lives. Our solid performance is driven by a clear business strategy, a favourable product mix, exceptional customer service, and industry-leading technology solutions.”

“We are proud to say that over the months Ajman Bank has made substantial advancements in retail and corporate banking. Looking ahead, we are optimistic about future growth and profitability through diversifying sectors, improving margins, and increasing non-funded income. With the support of our dedicated team, we are confident in continuing to provide effective and efficient service to our customers.”

As of December 31, 2022, the total assets amounted to Dh21.1 billion compared to Dh22.3 billion as on December 31, 2021. Islamic customer deposits increased by seven per cent and the bank has capital adequacy ratio of 15.59 per cent on regulatory capital.

— muzaffarrizvi@khaleejtimes.com

• Business