Ajman Bank posts profit of Dh122 million on strategy

Ajman Bank has declared a profit of Dh122 million for the year ended December 31, 2015, compared to the profit of Dh71.4 million recorded in the year ended December 31, 2014.

The balance sheet of the bank as at December 31, 2015 touched Dh14.3 billion, compared to Dh11.2 billion in the previous year, a growth of 27.5 per cent. Islamic financing of Dh11.1 billion at December 31, 2015 grew by 30.4 per cent, while customer deposits grew from Dh8.5 billion in 2014 to Dh11 billion by December 31, 2015, an increase of 29.4 per cent. Shaikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and chairman of Ajman Bank, commented on the results, saying: "The outstanding results Ajman Bank has achieved demonstrate our clear vision and strategy and the efficiency of our business model. Risk management is embedded at the centre of our business strategy and it has enabled the bank to position itself appropriately for any upcoming challenges. As the economic recovery in the UAE banking market gathers momentum in 2015 and beyond, we continue to maintain a favourable and solid position against growth expectations in the years to come."

Income from Islamic financing products registered a growth of 34 per cent from Dh364.3 million during the year ended December 31, 2014 to Dh488.3 million during the year ended December 31, 2015. Fee, commission and other income similarly have seen growth from Dh68.7 million to Dh79.7 million during the year ended December 31, 2015, a growth of 16 per cent.

Mohamed Amiri, chief executive officer of Ajman Bank, said: "Ajman Bank's year ended December 31, 2015 results are a testimony of the consistent positive performance that we have been able to achieve. With a deep understanding of the domestic market financial needs, we are very well placed to support both our individuals and commercial customers. Our objec- tive is to build, maintain, and grow a stable Islamic banking franchise with a strategic focus on core businesses and a prudent approach to financing, to generate acceptable returns to our shareholders over the longer term." Expenses for the year ended December 31, 2015 grew by 4.8 per cent, whereas provisions for impairment decreased by 14.6 per cent as compared to year ended December 31, 2014.