Ajman Bank reports Dh53.4 million net profit in 2020

Dubai: Ajman Bank has reported a net profit of Dh53.4 million in 2020.

The bank’s revenue decline to Dh614.6 million in 2020 from Dh636.0 million reported in 2019.

“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 said in a statement.

Staff costs and, general and administrative expenses for the year amounted to Dh235.1 million as compared to Dh258.5 million in 2019, due to operational efficiencies achieved by the bank.

“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,” said Mohamed Amiri, Chief Executive Officer, Ajman Bank.