E-Paper
Sign In
Ajman Bank’s Profit Up; Eyes Network Expansion
DUBAI - Ajman Bank, the emirate's first Islamic commercial bank, on Monday declared its first full-year financial results, showing a marginal profit of Dh1.1 million.
- PUBLISHED: Tue 23 Feb 2010, 11:26 PM UPDATED: Wed 4 Sept 2024, 3:58 PM
The value of the bank's total assets stood at Dh1.928 billion, up 11 per cent from the third quarter of 2009, while its customer deposits increased to more than Dh786 million, growing 21 per cent over the same period, the bank said in a statement.
“Ajman Bank focused on building its infrastructure throughout 2009 to ensure the bank's progress towards profitability. While strengthening the surrounding economy is a key objective, simultaneously reaching more customers through our growing UAE network continues to be a priority in addition to growing our assets,” Ajman Bank's chief executive officer Mubashar Hanif Khokhar said.
Recommended For You
Since its official inauguration in February last year, Ajman Bank has dedicated resources to develop its branch and ATM network reaching out to the other emirates in the UAE. The Dubai branch is expected to officially open this quarter, taking the total number of branches to five.
“As we move forward into 2010, we aim to emphasise effective strategic planning, develop a stronger risk management culture, and retain or reach a lasting long-term position of profitability,“ Khokhar said.
In 2009, Ajman Bank pursued a number of activities to support its strategic partnerships and service innovations. The bank provides mobile banking services to its customers, facilitating all forms of electronic banking.
Similarly, SMS push services were also launched during the fourth quarter of last year with improved features enabling customers to benefit from a wide range of banking activities by sending an SMS from their mobile phones.
The bank also established escrow accounts with major real estate companies supporting the local property market. In light of these developments, amongst others, Ajman Bank was recently awarded “best new Islamic bank” by Islamic Finance News.
Ajman Bank has benefited from a position of relatively high liquidity in the market, a factor which has resulted in its ability to remain focused on profitability and growth. Despite extraordinary first year results, the bank recognises the need for a cautious approach to its second year of operations in 2010.
abdulbasit@khaleejtimes.com
