Business | Banking

Ajman Bank slashes operational losses by 29%

Emirate's first Islamic commercial bank's total assets are now Dh1.75b

  • Staff Report
  • Published: 00:00 November 3, 2009
  • Gulf News

Ajman: Ajman Bank, the emirate's first Islamic commercial bank, yesterday announced it has succeeded in cutting its third-quarter operational loss by 29 per cent in comparison to the second quarter.

The accumulated loss of Dh31 million since inception is better than management expectations and the bank's total assets currently stand at Dh1.75 billion.

Contrary to market trends that have seen banks in the region focus on building liquidity, customer deposits have grown by 45 per cent from the second quarter to more than Dh680 million.

The lender has, however, continued to invest in its branch network and also launched a number of new products and services in the market, making it currently well-positioned to pursue its expansion strategy over the coming months.

Since its official inauguration on February 2, Ajman Bank has dedicated resources to the development of its branch network. Last month the Abu Dhabi branch was officially opened.

Ali E. Al Shaqoosh Al Mueen, acting CEO, stated, "Ajman Bank has been focusing on initiatives, both existing and new to ensure the bank's progress towards profitability using effective strategic planning, network expansion, state-of-the-art IT systems, enabled by our integrated management team."

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