Ajman Bank, the first Islamic bank established in the Emirate of Ajman, announced today its financial results for the nine months ending September 30, 2010, reinforcing the growth strategy that the bank embarked upon in early 2010.
The balance sheet of Ajman Bank continues to see impressive growth of assets and deposits. At the end of third quarter of 2010, the bank's balance sheet stood at AED 2.9 billion compared to AED.1.7 billion at the end of same period last year, an increase of 71 per cent.
Islamic financing and investments grew by 53 per cent during the first three quarters of 2010, from AED 1.7 billion at the end of December 31, 2009 to AED 2.6 billion. This growth strengthens the bank's margins by deploying funds in higher yield assets.
Total income in the first nine months of 2010 increased to AED 100.79 million, up 76 per cent compared to AED 57.3 million during the same period last year.
Customer deposits as of September 30, 2010, stood at AED 1.4 billion compared to AED 700 million as of December 31, 2009, an increase of 100 per cent.
Depositors' share of profit for the third quarter of 2010 were AED 12.2 million, an compared to AED. 3.8 million paid during the same period in 2009, an increase of 221 per cent.
In the third quarter of 2010 Ajman Bank reported losses of AED 3.2 million, down from AED 9.7 million in the third quarter of 2009, a decline of 67 per cent. Cumulative loss for the nine months ending September 30, 2010 stood at AED 19.2 million, which is in line with the budgeted loss and management expectations.