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Ajman Bank profit soars 250% to Dh11.78m in H1

Ajman Bank’s net profit soared by 250 per cent to Dh11.78 million for the first six months of the year, compared to same period last year, it was announced on Wednesday.

Profit for the second quarter of 2012 was of Dh7.2 million up from 0.5 million for the second quarter of last year. The second quarter profit also rose by 60 per cent compared to the profit of Dh4.5 million recorded during the first quarter of 2012.

Shaikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank, said: “Ajman Bank continues to gain momentum, establishing a solid market position among leading banks in the UAE, and setting a new benchmark to consistently gaining and growing market share despite existing challenges. With currently more favourable market conditions, we remain confident that the bank is strongly positioned for continued sustainable growth.”

Mohamed Amiri, acting chief executive officer, Ajman Bank, said: “Ajman Bank’s half year results demonstrate the bank’s strength and resilience. The strong growth in profit is a result of our strategic focus on core businesses and a prudent approach to financing, along with an emphasis on diversifying our revenue streams. The outlook for our balance sheet of 2012 looks very positive.” He also added: “Looking ahead, we will continue to look for new business opportunities to meet the expectations of our customers and create value for our shareholders.”

The bank reported strong revenue growth with the bank’s net operating income for the six-month period amounting to Dh108 million, an increase of 38 per cent compared to Dh78 million achieved at the end of the corresponding period of 2011.

The bank’s achieved profitability was partly due to a significant growth in assets, which stood at Dh4.4 billion by end of June 2012, an increase of 10 per cent compared to Dh4 billion at the end of December 2011.

abdulbasit@khaleejtimes.com