Ajman Bank Reports Net Profit of AED 162.1 Million in 2022 compared to AED 116.2 in 2021 (up by 40% YoY)

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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 Ajman Bank, which was held on February 9, 2023, at the Ruler’s Court in the Emirate of Ajman. His Highness was briefed on the bank’s financial results for the year ending on December 31, 2022.

Ajman Bank has reported total operating income of AED 942.3 million in 2022 compared to AED 908.4 million in the previous year (up by 4% YoY). Fees, commission and other income for the year ended increased to AED 184.8 million as compared to AED 106.0 million in the previous year (up by 74% YoY).

The net profit in 2022 was reported as AED 162.1 million (up by 40% YoY) compared to AED 116.2 in 2021.

His Highness Sheikh Ammar bin Humaid Al Nuaimi expressed his appreciation of Ajman Bank’s positive results and was pleased with the performance of the UAE’s financial market, which is moving towards greater prosperity. He also recognized and lauded the efforts of those responsible for the bank’s operations in serving investors and customers, which has earned the bank a distinguished reputation and a leading position among local banks.

His Highness Sheikh Ammar, said, “The positive economic conditions in the UAE provide a favourable environment for businesses to thrive and grow. Our strong financial results are testament to the strength and stability of the UAE economy and Ajman Bank is an integral part of it. We are confident that our focus on delivering exceptional solutions through strategic investments and innovative business practices to our clients will result in sustained success for Ajman Bank.”

Mr. Mohamed Amiri, Chief Executive Officer, Ajman Bank, stated, “Our success is due to a disciplined and cooperative approach, with a goal to have a positive impact on the economy, businesses, and people’s lives. Our solid performance is driven by a clear business strategy, a favorable product mix, exceptional customer service, and industry-leading technology solutions. We are proud to say that over the months Ajman Bank has made substantial advancements in retail and corporate banking. Looking ahead, we are optimistic about future growth and profitability through diversifying sectors, improving margins, and increasing non-funded income. With the support of our dedicated team, we are confident in continuing to provide effective and efficient service to our customers.”

As of 31 December 2022, the total assets amounted to 21.1 billion dirhams, compared to 22.3 billion as on 31 December 2021. Islamic customer deposits increased by 7% YoY and the Bank has capital adequacy ratio of 15.59% on regulatory capital.