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Ajman Bank’s 1st Operating Quarter Results Beat Forecast
11 May 2009
DUBAI - Ajman Bank, the emirate’s first Islamic commercial bank, reported a loss of Dh11.6 million for the first operating quarter, beating expectations.
The results show a strong liquidity position of over Dh1.2 billion, helping the bank to pick-up healthy business opportunities in the future, within the overall boundaries of its risk appetite, a Press statement said.
The total assets of the bank, which officially launched its operations on February 2, 2009, reached Dh1.34 billion in less than two months of functioning.
As a new organisation, an initial loss was expected due to disproportionate levels of investment versus revenue building, the statement added.
Ajman Bank is currently operating with two fully functional branches and a third, due to open in Sharjah, is currently in its pre-opening test phase. Two additional branches are under construction and a number of offsite and in-branch ATMs further contribute to the bank’s initial assets.
Last quarter’s pre-operating profit of Dh3 million, announced earlier this year, is a big achievement for the bank, which heavily invested in its forthcoming branches, state-of-the-art IT set up, staff and infrastructure, the statement said.
“This has been a true quarter of change. We have successfully moved from a bank in progress to a bank in operation, entering the market and taking our place in the community. We believe in quality; our people, our processes and our premises, as anyone who has visited our flagship branch in Ajman can attest. This is what we have strived for and this is what we have achieved in a very short operational period,” a spokesperson of the bank said.
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