Ajman Bank reported total operating income of Dh942.3 million in 2022 compared to Dh908.4 million in the previous year, a 4 per cent growth, the bank said on Thursday, while net profit was reported at Dh162.1 million, up by 40 per cent compared to Dh116.2 million in 2021.
Fees, commission and other income for the year increased to Dh184.8 million as compared to Dh106 million in the previous year, up 74 per cent.
“The positive economic conditions in the UAE provide a favourable environment for businesses to thrive and grow. Our strong financial results are testament to the strength and stability of the UAE economy and Ajman Bank is an integral part of it. We are confident that our focus on delivering exceptional solutions through strategic investments and innovative business practices to our clients will result in sustained success for Ajman Bank,” said Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, Chairman of Ajman Bank.
Ajman Bank CEO Mohamed Amiri stated: “Our solid performance is driven by a clear business strategy, a favorable product mix, exceptional customer service, and industry-leading technology solutions. We are proud to say that over the months Ajman Bank has made substantial advancements in retail and corporate banking. Looking ahead, we are optimistic about future growth and profitability through diversifying sectors, improving margins, and increasing non-funded income. With the support of our dedicated team, we are confident in continuing to provide effective and efficient service to our customers.”
Islamic customer deposits increased by 7 per cent year-on-year, the bank said.