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Ajman Bank income climbs 100%

Assets rise 30% and Islamic financing portfolio increases 29%

Gulf News

Ajman: Ajman Bank reported a 100 per cent growth in its first-quarter income to Dh49.5 million compared to Dh24.7 million in the corresponding period of 2010.

As of March 31, customer deposits stood at Dh2.83 billion compared to Dh2.02 billion at the end of 2010, an increase of 40 per cent.

Ajman Bank's total assets at the end of the first quarter stood at Dh4.2 billion, an increase of 30 per cent compared to Dh3.23 billion at the end of the fourth quarter of 2010.

Prudent investment

"In just two years, Ajman Bank has established a strong presence in the UAE banking sector. The bank's performance in the first quarter of 2011, which is in line with expectations, is notable for a significant increase in operating income," said Shaikh Ammar Bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank.

"Through its prudent investment in world-class infrastructure and alternative distribution channels, the outlook for the bank remains positive," he added.

The bank's Islamic fin-ancing instruments portfolio grew by 29 per cent in the first quarter.

New investment in Islamic financing instruments increased from Dh2.78 billion as of December 31, 2010, to Dh3.59 billion as of March 31, 2011.

The bank reported a loss for the quarter of Dh8.4 million.