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

Press release

Published October 31st, 2021 - 11:56 GMT

Ajman Bank.

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.

Background Information

Ajman Bank

Ajman Bank is a young, agile Islamic commercial bank that provides a wide range of value-driven banking services in the UAE for individual, business and government clients, all in compliance with Shariah principles. Ajman Bank seeks out the market’s best products, people and technology in order to deliver what customers want, how they want it, delivering real value and recreating that human touch lost in modern banking.

Headquartered in Ajman and strongly supported by its government, Ajman Bank is the keystone of the emirate’s economic development strategy and is in a position to benefit from its growth and potential like no other. Ajman Bank is committed to becoming a sustainable organisation in its truest sense, balancing care for the community and employees with the business of delivering value to its shareholders and customers.