Ajman Bank has reported a cent percent growth in its first quarter income of Dh 49.5 million compared to the Dh.24.7 million in the same period, in the year 2010.
The bank?s customer deposits stood at Dh 2.83 billion (compared to Dh 2.02 billion at the end of 2010), showing an increase of 40 per cent as on March 31, 2011. Though the expenses in this quarter rose by eight percent; the total assets rose by 30 percent and Islamic financing portfolio increased by 29 percent.
?In just two years, Ajman Bank has established a strong presence in the UAE banking sector. The bank?s performance in the first quarter of 2011, which is in line with expectations, is notable for a significant increase in operating income. Through its prudent investment in world-class infrastructure and alternative distribution channels, the outlook for the bank remains positive,? said Sheikh Ammar Bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank.
?Much of the growth in the bank?s assets is the result of the emphasis we have placed on commercial and small business financing. Along with our focus on customer service excellence, we are confident that we have a sound strategy for continued growth,? said Mubashar H. Khokhar, Chief Executive Officer, Ajman Bank.
Ajman Bank ranked third in customer service (across Islamic banking) and operates with eight branches in the country.