Ajman Bank profit surges 154% on firm growth

Ajman Ajman Bank announced Monday its financial results for the three months ending March 31, demonstrating continued positive momentum.

Ajman Bank reported a net profit of Dh4.5 million, an increase of 154 per cent over the same period in 2011.

Shaikh Ammar Bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank, said: "The outstanding results Ajman Bank has achieved during challenging times for the global economy demonstrate our clear vision and strategy and the efficiency of our business model.

"Risk management is embedded at the centre of our business strategy and it has enabled the bank to position itself appropriately for any upcoming challenges. As the economic recovery in the UAE banking market gathers momentum in 2012 and beyond, we continue to maintain a favourable and solid position against growth expectations in the years to come."

Mohammad Amiri, acting chief executive officer, said: "Ajman Bank's first quarter results are a testimony of the consistent positive performance that we have been able to achieve.

"With a deep understanding of the domestic market financial needs, we are very well placed to support both our individuals and commercial customers."

He added: "Our objective is to build, maintain and grow a stable Islamic banking franchise with a strategic focus on core businesses and a prudent approach to financing, to generate acceptable returns to our shareholders over the longer term."