Ajman Bank approves 2010 financial results at Annual General Meeting

Ajman Bank, an award-winning financial services institution committed to transforming the experience of Islamic banking, held its annual general meeting today and approved their 2010 financial results for the 12 months ending December 31, 2010. 

The results clearly demonstrated sustained growth in its core activities, showing a positive net profit of AED 4 million for 2010, a significant increase from the marginal profit of AED 1.1 million reported in 2009. Further, the bank generated an income of AED 144 million in 2010, compared to AED 78 million in the previous period, an increase of 84 per cent. 

As of December 31, 2010, customer deposits stood at AED 2 billion compared to AED 786 million at the end of the same period in 2009, representing an increase of 157 per cent. Ajman Bank’s total assets as of December 31, 2010, stood at AED 3.2 billion, an increase of 68 per cent compared to AED 1.9 billion at the end of the same period in 2009. 

“2010 was a challenging year for the market but we were still able to show significant growth,” said His Highness Sheikh Ammar Bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank. “We are looking forward to 2011 and have already developed a wide range of initiatives to expand our operations and better serve our customers.” 

“We are very pleased to share our positive financial results for 2010, which reflect our sound growth strategy and focus on customer service excellence,” said Mubashar H. Khokhar, CEO of Ajman Bank. “Looking ahead, we will increase our customer base as well as launch a wide range of new products and services. We are well-positioned to make 2011 one of our best.”