Ajman Bank, an award-winning financial services institution committed to transforming the experience of Islamic banking, announced today its financial results for the three months ending September 30, 2011, demonstrating continued positive momentum.
Ajman Bank reported a net profit of AED 3 million for the third quarter of this year, representing a turnaround from the same period in 2010, when the bank reported a net loss. The bank’s third quarter 2011 net profit also represents a significant increase from its results in the second quarter of this year, when it reported a net profit of AED 500,000.
Ajman Bank reported strong revenue growth over the period, with gross revenues for the first nine months of 2011 reaching AED 179.8 million, an increase of 78 per cent compared to AED 100.7 million for the corresponding nine-month period in 2010.
As of September 30, 2011, Ajman Bank’s total assets stood at AED 4.4 billion, an increase of 52 per cent compared to AED 2.9 billion as of September 30, 2010.
Meanwhile, Islamic financing in the third quarter of 2011 reached AED 3.62 billion, an increase of 41 per cent compared AED 2.56 billion in the same period last year. Investments in the third quarter of 2011 stood at AED 359 million, up 182 per cent compared to AED 127 million in the same period last year.
As of September 30, 2011, customer deposits stood at AED 2.73 billion, an increase of 85 per cent compared to AED 1.47 billion at the end of the same period last year.
Over the same period, Ajman Bank increased its total corporate and retail financing portfolio by more than AED 1 billion.
His Highness Sheikh Ammar Bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank, said: “Ajman Bank has continued to move from strength to strength, as today’s announcement demonstrates the bank’s increasing contribution to the economic development and diversification of Ajman and the UAE as a whole. With a clear vision for the future, implemented by a dynamic management team, Ajman Bank will continue to achieve further growth.”
Mubashar H. Khokhar, Chief Executive Officer, Ajman Bank, said: “Based on our commitment to product innovation and service excellence, Ajman Bank remains on a growth trajectory. This positive momentum can also be attributed to our ability to meet the evolving needs of our valuable individual and commercial clients, and in particular the increasing number of small and medium enterprises we serve.”