Ajman Bank Reports AED 90.1 Million Profit in the Third Quarter of 2021

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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 held on 28th Oct 2021, at Crown Prince Office in presence of the board members & Mohammed Amiri , CEO whereas they discussed the financial results of the bank.

Ajman Bank has achieved net profit of 90.1 million dirhams in the third quarter of 2021 compared to a profit of 55.9 million for the same period last year, i.e. an increase of 61%.

This positive trend was also reflected in the increase in the bank’s net operating income of AED 477 million for Q3 of 2021 achieving an increase of 12% compared to Q3 2020’s net operating income of AED 424 million during the same period. 

Making the announcement, Mr. Mohamed Amiri, Chief Executive Officer, Ajman Bank, said, “In the third quarter of 2021, at Ajman Bank we have again demonstrated the operating strength of our business with a strong performance. Our revenues have proven to be resilient, with the continuation of consumer and corporate confidence rising across our businesses. We are focused on driving efficiencies while maintaining our growth momentum. This also demonstrates the pioneering vision of the UAE and the improving economic conditions with the country’s commendable handling of the pandemic.

Mr. Amiri added, “We expect the trend to continue over the coming months. While maintaining a strong balance sheet, we are proud of our achievements including numerous industry recognitions with key milestones.”

As of September 30, 2021, the total assets amounted to 21.5 billion dirhams compared to (31 December 2020: 21.5 billion dirhams). 

The bank capital is 2.1 billion dirhams, and the total shareholder’s equity is 2.6 billion dirhams.

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.