Ajman Bank Reports AED 61.9 Million Profit in the First Half of the Year

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His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, Chairman of Ajman Bank, chaired the meeting of the Board of Directors of the Bank. 

During the meeting it was announced that Ajman Bank has achieved a consolidated net profit of 61.9 million dirhams for the first half of the year 2021 compared to a profit of 43 million for the same period last year, i.e. an increase of 44%.

This positive trend was also reflected in the increase in the bank’s net operating income of AED 331.9 million for the first half of 2021 achieving an increase of 19% compared to the first half of 2020’s net operating income of AED 278.9 million. 

Commenting on the results, Mr. Mohamed Amiri, Chief Executive Officer, 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.”

Mr. 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 21.3 billion dirhams, compared to 21.5 billion as at December 2020. 

The bank’s capital is 2.1 billion dirhams, and the total shareholder’s equity is 2.58 billion dirhams. 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.

About Ajman Bank:

Ajman Bank is an Islamic bank with an ambitious vision based on values of integrity, trust and transparency seeks to provide a wide range of Sharia-compliant and high-quality banking services to customers from individuals, companies and government institutions across the UAE. It is also keen to be updated with the latest technology that will ensure customers a distinctive experimental banking with the revival of human touch that is lost in the modern era of banking application.

Ajman Bank is headquartered in Ajman and enjoys the strong support of the Government of Ajman and is a key pillar in the emirate’s economic development strategy. The bank continues its tireless efforts to establish a prominent position in the banking sector as a sustainable Islamic banking institution, with an emphasis on the need to achieve an optimal balance in the community and caring staff, in order to provide real value for shareholders and customers alike