Ajman Bank’s net profit soars by 623%

Ajman Bank, the award-winning financial services institution and winner of the ‘Fastest Growing Bank in the UAE’ title, announced on Wednesday its financial results for the first nine months ended Sept.30, 2012, demonstrating record growth and continued positive momentum. Ajman Bank reported a net profit of Dhs25.2 million for the first nine months of this year, representing a robust increase of 623 per cent from the same period in 2011. Profit for the third quarter of 2012 was of Dhs13.5 million up by 350 per cent from Dhs3 million for the third quarter of last year. The third quarter profit also rose by 87 per cent compared to the profit of Dhs7.2 million recorded during the second quarter of 2012. Sheikh Ammar Bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank, commented on the results, saying: “Ajman Bank’s solid financial performance during the first half of 2012 and throughout the third quarter is a reflection of the UAE’s growing economy and of our consistent and balanced business strategy.” “The Bank has seen a significant increase in its market share. With tremendous growth opportunities yet to be fully tapped, Ajman Bank is poised for major growth in the coming years and therefore it is essential to ensure that strong foundations are in place to support this growth, overcome global market challenges, and achieve sustainable profitability.” Mohamed Amiri, Acting Chief Executive Officer, Ajman Bank, said: “These results represent a very positive outlook for the year. Our record of consistent delivery is testament to the resilience of the Bank’s business model. We are proud to see that our customers are increasingly satisfied with our services.” He also added: “Having launched initiatives to improve earnings, we continue to adopt the latest technologies and are actively investing to improve our customer value proposition to keep Ajman Bank at the forefront of the Islamic retail banking industry, with a dynamic customer-centric approach meant to answer our growing customer base requirements, while providing pioneering products, ongoing rewards, and a gratifying banking experience.” As a result of various strategic initiatives undertaken during the first 9 months of 2012, Ajman Bank reported strong revenue growth with the Bank’s Net Operating Income for the nine-month period amounting to Dhs169 million, an increase of 33 per cent compared to Dhs126 million achieved at the end of the corresponding period of 2011. One of the most notable areas of income growth during Q3, 2012 was the increased income from Islamic financing, which stood at Dhs157 million with a 9 per cent growth compared to Dhs143 million at the end of the third quarter of 2011. Income from investment securities rose by 31 per cent and income from fees and commission grew by 79 per cent compared to September 2011. Total balance sheet size grew to Dhs5.2 billion at the end of September 2012, recording over 30 per cent increase from the total asset size of Dhs3.9 billion at the end of December 2011. From Gulf Today