Ajman Bank Maintains Strong Growth Momentum Net Profit for the First Nine Months Soars by 623%
Ajman Bank Maintains Strong Growth Momentum Net Profit for the First Nine Months Soars by 623%
  • • Net Profit for the first 9 months up by 623% to AED 25.2 million from same period 2011
  • • Third quarter net profit up by 350% to AED 13.5 million from same period 2011 and up by 87% from second quarter 2012
  • • Total Balance Sheet for the first nine months up by 30% from December 2011
  • • Net Operating Income for the first 9 months up by 33% to AED 169 million from same period 2011
  • • Investment in Islamic Financing up by 40.4% to AED 4.13 billion from December 2011 
  • • Customer Deposits up by 41% to AED 3.7 billion from December 2011
Ajman, UAE; November 7, 2012: Ajman Bank, the award-winning financial services institution and winner of the ‘Fastest Growing Bank in the UAE’ title, announced today its financial results for the first nine months ended September 30th, 2012, demonstrating record growth and continued positive momentum.
Ajman Bank reported a Net Profit of AED 25.2 million for the first nine months of this year, representing a robust increase of 623% from the same period in 2011. Profit for the third quarter of 2012 was of AED 13.5 million up by 350% from AED 3 million for the third quarter of last year. The third quarter profit also rose by 87% compared to the profit of AED 7.2 million recorded during the second quarter of 2012.
 
His Highness 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 AED 169 million, an increase of 33% compared to AED 126 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 AED 157 million with a 9% growth compared to AED 143 million at the end of the third quarter of 2011. Income from investment securities rose by 31% and income from fees and commission grew by 79% compared to September 2011.
Total balance sheet size grew to AED 5.2 billion at the end of September 2012, recording over 30% increase from the total asset size of AED 3.9 billion at the end of December 2011.
The Bank’s achieved profitability was partly due to a significant growth in Assets, which has mainly been achieved due to increased corporate and syndicated facilities. Investment in Islamic financing recorded substantial growth  by 40.4% to AED 4.13 billion compared to AED. 2.94 billion at the end of December 2011. Investment securities comprising a major portfolio of sukuk investments stood at AED 388 million recording a marginal increase from AED 386 million as at December 2011.
Ajman Bank was again successful in raising medium-term funding, recording an increase of 41% with Customer Deposits reaching AED 3.7 billion by end of September 2012 against AED 2.62 billion in December 2011.
 
In early June this year, Ajman Bank was awarded the title of ‘Fastest Growing Bank’ in the UAE on the much coveted Banker Middle East Industry Awards 2012. The award was based on the quantitative analysis of 14 key measures such as assets, liabilities, total income, net attributable profit and return on assets, collating data on real size, real growth, and percentage growth to identify the region’s leading financial institutions.
Ajman Bank started its operations in 2009. It now operates with 12 branches spread across the Emirates. In a challenging financial environment, Ajman Bank maintained earnings momentum recording a breakthrough performance for the second quarter of the current year with a 250% increase in net profit recorded by the end of June 2012, compared to the same period in 2011. 

About Ajman Bank:  
Ajman Bank is a young, agile Islamic commercial bank built on the values of integrity, trust and transparency. The bank provides a wide range of value-driven banking services in the UAE for individual, business and government clients, all in compliance with Shariah principles. Ajman Bank seeks out the market’s best products, people and technology in order to deliver what customers want, how they want it, delivering real value and recreating that human touch lost in modern banking.
Headquartered in Ajman and strongly supported by its government, Ajman Bank is the keystone of the emirate’s economic development strategy and is in a position to benefit from its growth and potential like no other. Ajman Bank is committed to becoming a sustainable organisation in its truest sense, balancing care for the community and employees with the business of delivering value to its shareholders and customers.
Ajman Bank Public Joint Stock Company (P.J.S.C) is licensed by the Central Bank of the UAE. All our products and services are Shari’ah complaint.