Ajman Bank announces financial results for its second operational quarter

The results showed the value of the bank's total assets at Dhs1.5bn. Contrary to market trends that have seen banks in the region focus on building liquidity, Ajman Bank's financial statement declaration demonstrated the continued strength of its customer's deposits which has grown more than Dhs470m.

The accumulated loss of Dhs22.1m is within management expectations and with investment being made in the branch network and introduction of innovative products & services, Ajman Bank is well-positioned to pursue its expansion strategy over the coming months.

Since its official inauguration on February 2nd this year, Ajman Bank has dedicated resources to the development of its branch network; last month the Sharjah branch was officially opened, taking the total number of branches to three. Within other Emirates, work is underway establishing branches in Abu Dhabi and Dubai, both scheduled to open during the third quarter, giving the Bank a presence in all major Emirates in the UAE by the end of the year.

Given its highly liquid position in the market, Ajman Bank has had the opportunity to remain focused on profitability, growth and remains on track to achieving the best possible results at the end of the year. Following a recent senior management reshuffle, Ajman Bank is now in the process of refocusing resources on delivering products and services across its growing branch network.

They are also currently conducting studies and analysis' in order to source and evaluate Shari's compliant investment opportunities that will impact positively on the value of the bank's shares.

Strategic partnerships with developmental, business and social organizations have been one of the hallmarks of the second quarter which highlights the central role assumed by the bank to support development activities in the Emirate and its commitment to social responsibilities. In this context strategic partnerships with the Ajman Free Zone Authority, Ajman Chamber of Commerce and the Humaid Bin Rashid Al Nuaimi foundation stand out for special mention.

Commenting on the financial results of the second quarter, Ali E Alshaqoosh Al Mueen, Acting CEO of Ajman Bank, commented:

"In the first five months since the start of operations at Ajman Bank we have proudly delivered several important achievements. Due to our adherence to a comprehensive strategic plan, developed with the aim of strengthening the economy whilst simultaneously growing our network of branches to extend our reach across the whole of the UAE, we have been able to increase our customer base across all our key segments. As a financial institution in its infancy, it is to be expected that we operate at a loss, nevertheless our financial results are positive as they exceeded expectation both in our first and second quarters of operation."

Ali E Alshaqoosh Al Mueen went on to say, "These achievements would not have been possible without the effective participation and positive contribution of the bank's Board of Directors and the entire team at the bank, who have consistently supported the bank in all its endeavours. We will continue to grow and strengthen our position within the banking industry with a view to become one of the leading banks in the UAE and Middle East region in the coming years."