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Ajman Bank posts Dh53.4m net profit for 2020
Shariah-compliant Ajman Bank on Wednesday reported a net profit of Dh53.4 million in 2020 as compared to Dh84.4 million in the previous year, a drop of 36.7 per cent.
Its revenue reached Dh614.6 million in 2020 as compared to Dh636 million in the previous year.
The net operating profit in 2020 stood at Dh53.4 million.
Staff costs and, general and administrative expenses for the year amounted to Dh235.1 million as compared to Dh258.5 million in 2019, due to operational efficiencies.
“Ajman Bank is an integral part of the national economy of the UAE. The operating environment is evolving due to the ongoing challenges and through our solid system and processes, forward-looking provisions, and disciplined management, we made great progress. Crucially, our highly dedicated and hardworking team continued to serve our customers effectively and efficiently throughout this challenging year and the results are testament to this. Moving forward, we are focused on building momentum in our core areas for long-term growth, profitability and sustainable value while paving way to greater success with industry-leading products, innovative digital solutions and powerful strategy,” said Mohamed Amiri, Chief Executive Officer, Ajman Bank.
waheedabbas@khaleejtimes.com
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