Ajman Bank 2021 net profit surges 117% to Dh116.2 million

Ajman Bank on Monday said its annual profit surged 117 per cent last year to Dh116.2 million while net operating income increased by 8.7 per cent to Dh668.1 million from Dh614.7 million in the corresponding period of 2020.

In a statement, the bank said its fees, commission and other income in 2021 also climbed 117.2 per cent to Dh106 million from Dh48.8 million in the previous year.

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 and praised the positive results, 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.

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.

“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,” Sheikh Ammar said.

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.

Mohamed Amiri, Chief Executive Officer, Ajman Bank, said 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,” he said.

“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,” he added.

As of December 31, 2021, the total assets amounted to Dh22.3 billion compared to Dh21.5 billion as at December 31, 2020. Islamic customer deposits increased by 7.3 per cent year-on-year basis and the bank has capital adequacy ratio of 15.86 per cent on regulatory capital.

— business@khaleejtimes.com