Ajman Bank Reports Net Profit of Dh53.4 Million in 2020
Ajman Bank has announced its financial results for the full year ending 31 December 2020. The Bank reported revenue of AED 614.6 million in 2020 compared to AED 636.0 million in the previous year. The net operating profit in 2020 was reported as AED 53.4 million.
Demonstrating its resilience, Ajman Bank made excellent progress in its business objectives despite the unprecedented economic challenges and market conditions due to the impact of the global pandemic on all sectors of the economy. 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 during the crisis. Staff costs and, general and administrative expenses for the year amounted to AED 235.1 million as compared to AED 258.5 million in 2019, due to operational efficiencies achieved by the Bank.
Mr. Mohamed Amiri, Chief Executive Officer, Ajman Bank, stated, “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.”
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.