Ajman Bank's AGM approves balance sheet and retains 2011 profit

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 Dhs7m for 2011, a year-on-year increase of 75% compared to the Dhs4m profit reported in 2010.

The Bank also witnessed strong growth in income from its core activities in 2011, with total income reaching Dhs246.2m compared to Dhs144.5m as at the end of 2010, an increase of 71%. The growth in total income was fuelled by an increase of approximately 73% in income from Islamic financing and a doubling of income from investment securities. The bank's net income for 2011 was Dhs179.9m compared with Dhs157m in 2010, an increase of 14.5%.

As of December 31, 2011, customer deposits stood at Dhs2.6bn compared to Dhs2bn at the end of the same period in 2010, representing an increase of 30%.

Depositors' share of profit was Dhs66.2m, an increase of 77% compared with Dhs37.3m in 2010. Ajman Bank's total assets as of December 31, 2011, stood at Dhs4bn, an increase of 24% compared to Dhs3.2bn at the end of the same period in 2010.

Ajman Bank continued with its conservative approach to provisioning in 2011, with Dhs15.9m set aside for impairments in financing and investment, of which 42% 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.