Ajman Bank announces financial results for third quarter

The accumulated loss of Dhs31m since inception is better than management expectations and the value of the bank's total assets stands at Dhs1.75bn according the Q3 figures.

Contrary to market trends that have seen banks in the region focus on building liquidity, Ajman Bank's financial declaration demonstrates the continued strength of its customer deposits which have grown by 45% from Q2 to more than Dhs680m.

Ajman Bank has continued to invest in its branch network, introduced numbers of new products and services to the market and is currently well-positioned to pursue its expansion strategy over the coming months.

Since its official inauguration on February 2nd of this year, Ajman Bank has dedicated resources to the development of its branch network. Last month the Abu Dhabi branch was officially opened, taking the total number of branches to four. Work is underway to establish branches in other Emirates, expected to open during the fourth quarter, giving the Bank a presence in the major Emirates in the UAE by the end of 2009.

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 financial results at the end of the year. Ajman Bank continues to focus resources on delivering products and services across its growing branch network. Investment opportunities that will impact positively on the value of the Bank's shares and match its Shari'a values are being explored.

In terms of strategic partnerships, Ajman Bank continued to focus on developmental, business and social organizations throughout the quarter, while also to support development activities in the Emirate. Ajman Bank now provides customers the option to pay Ajman sewerage bills at its branches, which beforehand were only payable at Ajman Sewerage. Similarly, SMS services were launched during this quarter enabling customers to benefits from wide range of banking activities just by sending SMS from mobile phones. Ajman Bank also managed to establish escrow accounts with major real estate companies supporting the local property market.

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

"Ajman Bank has been focusing on initiatives, both existing and new to ensure the Bank's progress towards profitability using effective strategic planning, network expansion, state of the art IT systems, enabled by our integrated management team. These efforts are bearing fruit as the Bank has proudly delivered several important achievements. While the aim of strengthening the surrounding economy is the key objective, simultaneously reaching customers through our network across UAE continues to be a priority as well as growing our assets."

"This focus has resulted in reducing our third quarter loss by 29% as compared to second quarter as well as deposit growth of 45%, while maintaining our strong liquidity position enabling us to reach our objective of achieving the breakeven point towards the end of this year InshaAllah," he added.

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 organization in all its endeavors. We will continue to grow and strengthen our position within the banking industry with a view to becoming one of the leading banks in the UAE and the Middle East in the coming years."