Ajman Bank posts Dh1.1m profit

Shariah-compliant Ajman Bank yesterday announced Dh1.1 million profit in 2009 – its first full-year of operations – against net profit of Dh3m in the first nine-months of the previous year.

The bank booked impairment charges for credit losses worth Dh7.65m at the end the year. Its total assets stood at Dh1.928 billion in 2009 against Dh1bn at the end of 2008. Its customer deposits increased to more than Dh786m against Dh2.298m at the end of 2008.

The bank will open its Dubai branch in this quarter, taking the total number of branches to five. The bank said it will have a cautious approach to its second year of operations in 2010 despite good results.

Mubashar Hanif Khokhar, CEO of Ajman Bank, said: "Ajman Bank focused on building its infrastructure throughout 2009 to ensure its 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. 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."

The bank's liability reached Dh924.88m at the end of the year. Its shares yesterday dropped 2.38 per cent to Dh0.82.

Ajman Bank Deputy CEO, Ali E Alshaqoosh Al Mueen, told Emirates Business recently that the bank was planning to launch a fund to acquire cheaper assets in the real estate sector.

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