Ajman Bank Reports Net Profit of AED 53.4 Million in 2020
United Arab Emirates - February 18, 2021: 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.”
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