(MENAFN- Khaleej Times) Ajman Bank held its fourth annual general meeting, or AGM, of its shareholders in the emirate, where the lender's financial results were announced.
The meeting was chaired by Shaikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman.
The bank's shareholders approved in the meeting the board of directors' recommendation to retain the achieved profit for financial year 2012. The AGM also approved the consolidated financial statements of the bank for the financial year ending December 31, 2012, and the board of directors' report on bank activities and financial status, along with the Shariah report for the same period.
"Despite global economic challenges, the UAE economy has continued to grow with a stable outlook. Ajman Bank has again been successful in establishing its market position, delivering record growth for the year 2012 and looking to capture new opportunities for diversifying revenue streams. The bank remains well-capitalised to target growth sectors in the year ahead and is well positioned to achieve sustainability and deliver ongoing value to its shareholders," Shaikh Ammar said.
Ajman Bank reported a net profit of Dh33.5 million for 2012, representing a robust increase of 382 per cent from the Dh7 million achieved in the year ended December 31, 2011.
The bank recorded a significant growth in business assets. Total balance sheet size grew to Dh5.48 billion at the end of 2012, a 37 per cent increase from Dh3.99 billion at the end of December 2011. Islamic banking products increased by 54 per cent to Dh4.53 billion compared to Dh2.94 billion in 2011. The bank's investment in Shariah-compatible securities including sukuks rose by 11.7 per cent to Dh431 million from Dh385 million in 2011.
"Our outstanding financial performance throughout the year reflects strong earnings in financing, operating income, and profitability and is testament of the bank's robust position to maintain and grow market share," said Mohamed Amiri, acting chief executive officer of Ajman Bank.
"Building on our achievements... we will continue to launch new initiatives to improve earnings and develop core income across different business sectors in 2013, while adopting the latest technologies and actively investing to improve our customer value proposition to keep Ajman Bank at the forefront of the Islamic banking industry."
Customer deposits recorded an increase of 65 per cent reaching Dh4.3 billion by the end of 2012 against Dh2.6 billion in December 2011. The bank reported strong revenue growth with its gross income for the year amounting to Dh291 million, an increase of 18 per cent compared to Dh246.2 million achieved at the end of 2011.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.