First-half 2015 net profit up by 117% compared to 2014 reaching AED 53.2m
Balance sheet growth up by 46.38% achieving AED 12.9b from June 2014
Ajman, UAE; Ajman Bank , the award-winning financial services institution committed to transforming the experience of Islamic banking, announced today its financial results for the first-half of the year 2015. The reported results demonstrated continued positive momentum.
The Bank declared a net profit of AED 53.2m for the first-half of the year 2015 compared to the same period of 2014 were its net profit recorded an amount of AED 24.5m.
H.H Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank , said: “I am so pleased by the excellent performance and the outstanding results Ajman Bank has achieved during the first half of 2015. This year marks a truly historic milestone for Ajman Bank , as the bank has experienced numerous changes and developments in its journey. Throughout the last two years,Ajman Bank succeeded to strengthen its position as the official and the first Islamic Bank in the Emirate of Ajman, it also stressed the maturity of the position it occupies today as one of the top Islamic banking services’ providers in the country, thanks to the approach the Bank had adopted in managing its business. “
Commenting on the results, Mohamed Amiri, CEO of Ajman Bank said: ” Ajman Bank has ended the first half of 2015 with a strong set of financial results demonstrated by tangible growth across its net profit to AED 53,2m in the first half of 2015, in addition to the increase in the bank’s balance sheet by 46.38% to AED 12,9b in compare to it in June 2014.
The Bank’s customer-centric strategy is firmly on track and stably moving in the right path towards increasing its income from financing operations and customers’ savings & deposits, while ensuring a Sharia-compliant banking environment.” He added: “We will continue our efforts to provide our customers with superior banking products and services, ensuring that its premium quality and keening to increase the expansion of our ATMs network and providing other alternative delivery channels, in order give our customers an easy, simple and convenient banking experience. We are proud of what we have achieved until now, believing that these achievements would take Ajman Bank towards building a prosperous future, based on solid foundations, with consistent striving to achieve further success in the coming days. “
The increased portfolio has had an exponential effect on the income compared to the first-half of 2014. Income from Islamic financing products registered a growth of 40.4% from AED 163.3m in June 2014 to AED 229.3m in June 2015. Fees, Commissions and other Incomes similarly have shown very impressive growth by 81.1% from AED 28.8m in the first-half of 2014 to AED 52.1m in the first-half of 2015.
Originally published on www.zawya.com