ID :
108098
Tue, 02/23/2010 - 14:17
Auther :
Shortlink :
https://oananews.org//node/108098
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Ajman Bank announces 2009 results to DFM
Ajman, Feb 23, 2010 (WAM)- Ajman Bank, the emirate's first Islamic commercial bank, today released its annual financial results as at December 31, 2009 to the Dubai Financial Market. The results showed a marginal profit of Dhs1.1m.
The results are a reflection of the Bank's first year initiatives. According to the newly released statement, the value of the Bank's total assets stood at Dhs1.928bn, up 11% from Q3 09 while its customer deposits increased to more than Dhs786m, growing 21% over the same period.
Since its official inauguration on February 2nd 2009, Ajman Bank has dedicated resources to the development of its branch and ATM network reaching out to additional emirates across the UAE. This quarter, the Dubai branch is expected to officially open, taking the total number of branches to five.
In 2009 Ajman Bank pursued a number of other activities to support its strategic partnerships and service innovations. Ajman Bank now provides mobile banking services to its customers, facilitating all forms of electronic banking. Similarly, SMS push services were also launched during Q4 with improved features enabling customers to benefit from a wide range of banking activities by sending an SMS from their mobile phones.
Ajman Bank also established escrow accounts with major real estate companies supporting the local property market. In light of these developments, amongst others, Ajman Bank was recently awarded "best new Islamic bank" by Islamic Finance News.
Ajman Bank has benefited from a position of relatively high liquidity in the market, a factor which has resulted in its ability to remain focused on profitability and growth. Despite extraordinary first year results, the Bank recognises the need for a cautious approach to its second year of operations in 2010. Ajman Bank will continue to focus resources on delivering products and services across its growing branch network as well as investment opportunities that will impact positively on the value of the Bank's shares in an effort to retain a position near breakeven or better.
The results are a reflection of the Bank's first year initiatives. According to the newly released statement, the value of the Bank's total assets stood at Dhs1.928bn, up 11% from Q3 09 while its customer deposits increased to more than Dhs786m, growing 21% over the same period.
Since its official inauguration on February 2nd 2009, Ajman Bank has dedicated resources to the development of its branch and ATM network reaching out to additional emirates across the UAE. This quarter, the Dubai branch is expected to officially open, taking the total number of branches to five.
In 2009 Ajman Bank pursued a number of other activities to support its strategic partnerships and service innovations. Ajman Bank now provides mobile banking services to its customers, facilitating all forms of electronic banking. Similarly, SMS push services were also launched during Q4 with improved features enabling customers to benefit from a wide range of banking activities by sending an SMS from their mobile phones.
Ajman Bank also established escrow accounts with major real estate companies supporting the local property market. In light of these developments, amongst others, Ajman Bank was recently awarded "best new Islamic bank" by Islamic Finance News.
Ajman Bank has benefited from a position of relatively high liquidity in the market, a factor which has resulted in its ability to remain focused on profitability and growth. Despite extraordinary first year results, the Bank recognises the need for a cautious approach to its second year of operations in 2010. Ajman Bank will continue to focus resources on delivering products and services across its growing branch network as well as investment opportunities that will impact positively on the value of the Bank's shares in an effort to retain a position near breakeven or better.
