·       Net Profit up by 75% to AED 7 million

·       Total Income from core banking activities up by 71 per cent to AED 246.2 million

·       Customer Deposits up by 30 per cent to AED 2.6 billion

·       Total Assets up by 24 per cent to AED 4 billion

Ajman, UAE; April 4, 2012: Ajman Bank, the award-winning banking institution, committed to transforming the experience of Islamic Banking, held the third Annual General Meeting (AGM) of its shareholders in Ajman on Wednesday 4 April 2012.

 

The meeting was chaired by Dr. Ali Rashid Al Nuaimi, Board Member of Ajman Bank.

 

Ajman Bank’s shareholders approved, in the meeting, the Board of Directors’ recommendation to retain the achieved profit for the Financial Year 2011. The Annual General Meeting also approved the Consolidated Financial Statements of the Bank for the financial year ending 31st of December 2011 and the Board of Directors’ Report on the Bank activities and financial status for the year ended 31 December 2011 along with the Shari’ah Report for the same period.

 

The Annual General Meeting re-appointed KPMG as External Auditors for the year 2012 and elected new Board Members for a period of three years.

 

“Ajman Bank remains well on track and is strategically positioned for growth,” said His Highness Sheikh Ammar Bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank.  “Ajman Bank’s sustained profitability after just three years of operations is a testimony to the strength of our weatherproof and sustainable business model, which is firmly anchored in the real economy. The Bank is superbly placed to support the long-term economic development of the Emirate of Ajman and the wider UAE and is fully prepared to meet challenges.”

 

It is noteworthy to point out Ajman Bank’s exceptional results for 2011. Earlier in the year, Ajman Bank reported a positive net profit of AED 7 million for 2011, a year-on-year increase of 75 per cent compared to the AED 4 million profit reported in 2010.

 

The Bank also witnessed strong growth in income from its core activities in 2011, with total income reaching AED 246.2 million compared to AED 144.5 million as at the end of 2010, an increase of 71 per cent. The growth in total income was fueled by an increase of approximately 73 per cent in income from Islamic financing and a doubling of income from investment securities. The bank’s net income for 2011 was AED 179.9 million compared with AED 157 million in 2010, an increase of 14.5 per cent.

 

As of December 31, 2011, customer deposits stood at AED 2.6 billion compared to AED 2 Billion at the end of the same period in 2010, representing an increase of 30 per cent.  Depositors’ share of profit was AED 66.2 million, an increase of 77 per cent compared with AED 37.3 million in 2010. Ajman Bank’s total assets as of December 31, 2011, stood at AED 4 billion, an increase of 24 per cent compared to AED 3.2 billion at the end of the same period in 2010. Ajman Bank continued with its conservative approach to provisioning in 2011, with AED 15.9 million set aside for impairments in financing and investment, of which 42 per cent was due to general provisions mandated by the Central Bank of the UAE. 

 

In 2011, Ajman Bank launched its Mahra Ladies Banking Division and continued to expand its footprint across the seven Emirates, opening four new branches, namely in Ajman (Masfoot and China Mall), Dubai (Jumeirah), and Al Ain (Al Ain Mall). The Bank also aggressively doubled its ATM and CCDM network to 144 machines strategically placed in various locations across the UAE.

 

The Bank continued paying special focus to the enhancement of its policies, processes, procedures, and overall infrastructure, in line with the UAE Central Bank requirements and in accordance with international applicable standards.  

 

Ajman Bank also remained committed to supporting and promoting Emiratization, taking key strategic initiatives to promote and nurture the Bank’s commitment towards the UAE community and its promising young talent. The Bank achieved a 35% Emiratization ratio at the end of December 2011, recording one of the highest Emiratization rates across the UAE banking sector.

 

Throughout the year, Ajman Bank has forcefully maintained its position as a socially responsible local Islamic Bank through its support of HH Sheikh Ammar Bin Humaid’s ‘Program for Banking Excellence’ and its collaboration with Humaid Bin Rashid Al Nuaimi Foundation for Human Development on launching ‘Dirham Al Khair’ initiative designed to fight poverty in the UAE.

 

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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.