Financial Results as of Dec. 31, 2015
Financial Results as of Dec. 31, 2015

Ajman Bank’s year ended 31 December 2015 Net Profit Up by 71 % compared to year ended 31 December 2014 

  • Year ended 2015 net profit up by 71% to reach AED 122 million compared to year ended 2014
  • Balance sheet growth of 27.5% to AED 14.3 billion compared to December 2014
  • Distribution of 7% bonus shares recommended by BOD, subject to general assembly approval.
  • AED 500 million share capital increase through right share issuance recommended by BOD, subject to approval of general assembly and central bank.

 Ajman - United Arab Emirates. Thursday, 21st January 2016: Ajman Bank, the official Islamic Bank in the Emirate of Ajman, and the award-winning financial services institution committed to transforming the experience of Islamic banking, had announced its financial results for the year ended 31 December 2015, demonstrating continued positive momentum.

 Ajman Bank declares a profit of AED 122 million for the year ended 31 December 2015, compared to the year ended 31 December 2014 profit of AED 71.4 million.

 His Highness Sheikh 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.”

 Mohamed Amiri, Chief Executive Officer, Ajman Bank, said: “Ajman Bank’s year ended 31 December 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.” He also added: “Our objective 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”.

 

The balance sheet of the bank as at 31st December 2015 touched AED 14.3 billion compared to AED 11.2 billion at 31st December 2014, a growth of 27.5%. Islamic financing of AED 11.1 billion at 31st December 2015 grew by 30.4% compared with 31st December 2014 while customer deposits grew from AED 8.5 billion in 2014 to AED 11 billion by 31st December 2015, an increase of 29.4%.

 The increased portfolio has had an exponential effect on the income compared with the year ended 2014. Income from Islamic financing products registered a growth of 34% from AED 364.3 million during the year ended 31 December 2014 to AED 488.3 million during the year ended 31 December 2015. Fee, Commission and other Income similarly have seen growth from AED 68.7 million during the year ended 31 December 2014 to AED 79.7 million during the year ended 31 December 2015, a growth of 16%.

 Expenses for the year ended 31 December 2015 grew by 4.8% whereas provisions for impairment decreased by 14.6% as compared to year ended 31 December 2014.

 Ajman Bank Board of Directors recommended the distribution of bonus shares of 7%, subject to general assembly approval, also recommended to increase the share capital by AED 500 million through right issue, subjected to approval of general assembly and central bank.

 Ajman Bank declares a profit of AED 122 million for the year ended 31 December 2015, compared to the year ended 31 December 2014 profit of AED 71.4 million.

 

About Ajman Bank: 

 An Islamic bank with an ambitious vision, built on integrity, trust and transparency values. It seeks to provide a wide range of high quality banking services and compatible with the provisions of the law, to customers from individuals, companies and government institutions at the state level. It also keen to recruit the best staff and the application of the latest technology that will ensure customers a distinctive experimental banking with the revival of that human touch lost in the modern era of banking services.

Ajman Bank, the Emirate of Ajman is based in, and enjoys the strong support of the Government, where is a fundamental pillar in the economic development of the emirate's strategy. The bank continues his tireless efforts to become an Islamic banking institution sustainable in every sense of the word, with an emphasis on the need to achieve an optimal balance in the community and staff care, in order to provide real value and high for shareholders and customers alike.

Ajman Bank Public Joint Stock Company (P.J.S.C) is licensed by the Central Bank of the UAE. All our products and services are Shari’ah complaint.