ID :
59920
Mon, 05/11/2009 - 13:27
Auther :
Shortlink :
https://oananews.org//node/59920
The shortlink copeid
Ajman Bank's first operating quarter shows promising future
Ajman, May 11, 2009 (WAM) - Ajman Bank, the emirate's first Islamic commercial bank, released its first quarter financial results to the Dubai Financial Market, DFM, today beating expectations.
Following its official opening on February 2nd of this year, the Bank has now declared the results of its first operating quarter to be better than forecast.
These latest results also show a very strong liquidity position of over Dh1.2bn situating the Bank well to pick-up healthy business opportunities in the future, within the overall boundaries of its risk appetite. As a newly operational organization in its first year, an initial loss is to be expected due to disproportionate levels of investment versus revenue building. Nevertheless, the Bank's total assets reached Dhs1.34bn in less than two months of operations.
Ajman Bank is currently operating with two fully functional branches and a third, due to open in Sharjah, is currently in its pre-opening test phase. Two additional branches are under construction and a number of offsite and in-branch ATMs, both planned and in place, further contribute to the Bank's initial assets and are part of the extensive delivery network planned for 2009. Keeping this is mind and with particular reference to Ajman Bank's strong liquidity position, any loss declared appears marginal and not significant.
Last quarter's pre-operating profit of Dhs3m announced earlier this year is understood to be a great triumph for a bank then heavily invested in its forthcoming branches, state-of-the-art IT set up, staff and infrastructural set-up. The profits, which have contributed to the Bank's better than expected results, are attributed to successful management of its investment strategies and balance sheet.
In light of the Bank's particular newly operational position there are no established benchmarks with which to assess performance. All previous quarters declared to the DFM, all showing positive results, constitute a pre-operating view which is incomparable to its first post-opening quarter.
Following its official opening on February 2nd of this year, the Bank has now declared the results of its first operating quarter to be better than forecast.
These latest results also show a very strong liquidity position of over Dh1.2bn situating the Bank well to pick-up healthy business opportunities in the future, within the overall boundaries of its risk appetite. As a newly operational organization in its first year, an initial loss is to be expected due to disproportionate levels of investment versus revenue building. Nevertheless, the Bank's total assets reached Dhs1.34bn in less than two months of operations.
Ajman Bank is currently operating with two fully functional branches and a third, due to open in Sharjah, is currently in its pre-opening test phase. Two additional branches are under construction and a number of offsite and in-branch ATMs, both planned and in place, further contribute to the Bank's initial assets and are part of the extensive delivery network planned for 2009. Keeping this is mind and with particular reference to Ajman Bank's strong liquidity position, any loss declared appears marginal and not significant.
Last quarter's pre-operating profit of Dhs3m announced earlier this year is understood to be a great triumph for a bank then heavily invested in its forthcoming branches, state-of-the-art IT set up, staff and infrastructural set-up. The profits, which have contributed to the Bank's better than expected results, are attributed to successful management of its investment strategies and balance sheet.
In light of the Bank's particular newly operational position there are no established benchmarks with which to assess performance. All previous quarters declared to the DFM, all showing positive results, constitute a pre-operating view which is incomparable to its first post-opening quarter.
