Ajman Bank’s year ended 31 December 2018 Net Profit Up by 28.2% compared to year ended 31 December 2017
Ajman Bank, the award-winning financial services institution committed to transforming the experience of Islamic banking, announced today its financial results for the year ended 31 December 2018, demonstrating continued positive momentum.
Ajman Bank declares a profit of AED 170.0 million for the year ended 31 December 2018, compared to the year ended 31 December 2017 profit of AED 132.6 million.
During the Annual General Assembly meeting, His Highness Sheikh Rashid bin Humaid Al Nuaimi Vice Chairman of Ajman Bank praised the continued success of the bank as one of the leading financial institutions in the banking sector and the level of progress and competitiveness that Ajman Bank has accomplished towards achieving new levels of growth and banking excellence over the past years. “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 H.H. 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.”
The balance sheet of the bank as at 31st December 2018 touched AED 22.6 billion compared to AED 20.0 billion at 31st December 2017, a growth of 13.1%. Islamic financing of AED 16.3 billion at 31st December 2018 grew by 7.6% compared with 31st December 2017 while customer deposits grew from AED 14.3 billion in 2017 to AED 17.2 billion by 31st December 2018, an increase of 20.1%.
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% from AED 681.6 million during the year ended 31 December 2017 to AED 847.3 million during the year ended 31 December 2018.
Expenses for the year ended 31 December 2018 grew by 9.7% and impairment charge decreased by 40.5% as compared to year ended 31 December 2017.
3.5% cash dividend approved by the general assembly and central bank.