Ajman Bank reports sustained growth in 2010 financial performance

Ajman Bank, an award-winning financial services institution committed to transforming the experience of Islamic banking, announced today its financial results for the 12 months ending December 31, 2010, demonstrating sustained growth in its core activities. 

Ajman Bank reported today 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. 

The bank also witnessed strong growth in income from its core activities, with 2010 income reaching AED 144 million compared to AED 78 million in the previous period, an increase of 84 per cent. 

These figures are especially impressive as Ajman Bank’s 2009 reported figures cover a period in excess of 12 months, starting from the launch of bank operations during 2008 until the end of 2009. 

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. 

“Less than two years after the launch of operations, Ajman Bank continues to demonstrate sound growth across its operations, while simultaneously expanding its presence in Ajman and across the United Arab Emirates,” said His Highness Sheikh Ammar Bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank. “Unimpaired by the impact of the financial crisis and with a clean balance sheet, the bank has invested in world-class alternative distribution channels, further contributing to its increased customer base. 

“Led by strong, experienced management and with a clear vision for future growth, we believe that Ajman Bank has performed admirably in 2010,” said His Highness Sheikh Ammar. “More important, the outlook for the bank remains extremely positive, positioning Ajman Bank to continue to contribute to the economic growth and diversification of the Emirate of Ajman and the UAE as a whole.” 

“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, Chief Executive Officer, Ajman Bank. “Through our commitment to ethical practices and complete transparency, we look forward to continued sustainable expansion in the years to come.” 

Ranked third in customer service among all Islamic banks in the country by Ethos Consultancy, Ajman Bank was recently named the UAE’s “Best Domestic Bank” at the 2010 Islamic Business & Finance Awards. The bank currently operates eight full-service branches in the UAE.