Aj­man Bank posts profit of Dh122 mil­lion on strat­egy

The Pak Banker - - COMPANIES/BOSS -

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.

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