Ajman Bank on Tuesday reported a net profit of Dh3 million for the third quarter of this year ending September 30, 2011, representing a turnaround from the same period in 2010, when the bank reported a net loss.
The bank made a net profit of Dh500,000 in the second quarter of this year.
Ajman Bank’s gross revenues for the first nine months of 2011 reached Dh179.8 million, an increase of 78 per cent compared to Dh100.7m for the corresponding nine-month period in 2010.
As of September 30, 2011, Ajman Bank’s total assets stood Dh 4.4 billion, an increase of 52 per cent compared to Dh2.9bn as of September 30, 2010.
Meanwhile, Islamic financing in the third quarter of 2011 reached Dh 3.62bn, an increase of 41 per cent compared Dh2.56bn in the same period last year.
Investments in the third quarter of 2011 stood at Dh359m, up 182 per cent compared to Dh127m in the same period last year.
As of September 30, 2011, customer deposits stood at Dh2.73bn, an increase of 85 per cent compared to Dh1.47bn at the end of the same period last year.
Over the same period, Ajman Bank increased its total corporate and retail financing portfolio by more than Dh1bn.
Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank, said: “Ajman Bank has continued to move from strength to strength, as today’s announcement demonstrates the bank’s increasing contribution to the economic development and diversification of Ajman and the UAE as a whole.”
Mubashar H Khokhar, CEO of the bank, said: “Ajman Bank remains on a growth trajectory. This positive momentum can also be attributed to our ability to meet the evolving needs of our individual and commercial clients, and in particular the increasing number of small and medium enterprises we serve.”