Sunday 26 May 2019

Ajman Bank 2018 net profit up 28.2pc to $46m

AJMAN, UAE, March 6, 2019

Ajman Bank, a leading bank in the UAE, has declared a net profit of Dh170 million ($46.2 million) for 2018, compared to a net profit of Dh132.6 million in the previous year, marking an increase of 28.2 per cent.

During the Annual General Assembly meeting, Sheikh Rashid bin Humaid Al Nuaimi, vice chairman of Ajman Bank, said: "I would like to congratulate all the staff of the Bank for their outstanding efforts during the year, and the trust of Ajman Bank customers. Thanks to the continuous support of our shareholders and the directives of Sheikh Ammar, chairman of the Board of Directors, we continue to achieve success at all levels addressing the diverse needs of our growing customer base, while providing pioneering products, incredible rewards, and a premier banking experience.”

Mohamed Amiri, chief executive officer, Ajman Bank, said: “Ajman Bank’s year ended 31 December 2018 results reflect strong and consistent performance across varied sectors. We are committed to achieving greater efficiency through optimization of our resources and capital structure.”

“The growing influence of digitalization on the management of our portfolio of products and customer solutions will play a crucial role in this respect. Generating quality earnings is a key priority for us as we continue to serve our clients and communities.

“We have, therefore, put in place the very best systems and practices – managed by an exceptional team – to meet the highest standards for exceptional business performance. We are confident that these investments will pay off and enable us to capitalize on the right opportunities to drive growth and deliver superior results to our shareholders,” he added.

The balance sheet of the bank as at December 31, 2018 touched Dh22.6 billion compared to Dh20.0 billion at December 31, 2017, a growth of 13.1 per cent. Islamic financing of Dh16.3 billion at the year-end grew by 7.6 per cent compared 2017 while customer deposits grew from Dh14.3 billion in 2017 to Dh17.2 billion by December 31, 2018, an increase of 20.1 per cent.

The increased portfolio has had an exponential effect on the income compared with the year ended 2017. Income from Islamic financing products registered a growth of 24.3 per cent from Dh681.6 million during the year ended 31 December 2017 to Dh847.3 million during the year ended 31 December 2018.

Expenses for the year ended 31 December 2018 grew by 9.7 per cent and impairment charge decreased by 40.5 per cent as compared to year ended 31 December 2017.

The bank’s 3.5 per cent cash dividend has been approved by the general assembly and central bank, a statement said. – TradeArabia News Service


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