Ajman Bank’s assets grow 12%

Ajman Bank has announced its second quarter 2013 results that show strong performance. The bank’s assets grew by around 12 percent at the end of June 2013 compared with Dec. 2012.
Total balance sheet footing which at the end of last year was AED5.48 billion reached AED6.12 billion. The growth components relate to a 7 percent growth in investments securities, about 2 percent growth in Islamic financing and investments and substantial increase in wakala placements with banks. The total portfolio growth was 10 percent over the period to AED 5.59 billion from AED 5.06 at the end of December 2012.
Customer deposits too registered about 4 percent growth reaching 4.49 billion. Deposits at year end 2012 stood at AED4.33 billion.
Mohamed Zaqout, CEO, Ajman Bank, said: “The second quarter figures reflect strong and consistent performance across varied sectors despite challenging market conditions.”
He said: “We maintained steady growth in many critical areas including assets, investment securities, Islamic financing and investments as well as wakala placements with banks that resulted in healthy portfolio growth for Ajman Bank. This was possible due to many key actions taken over the recent months such as strengthening the quality and diversity of earnings and improving our operating systems, cost structure and operating margins.”
Ajman Bank earned a profit of AED13.3 million for the six months to June 2013 that is 13 percent higher than the profit for the corresponding period ended June 2012.
Top line growth in revenue was around 21 percent higher compared with June 2012.
Ajman Bank began its operations in 2008 and is the first Shariah-compliant bank incorporated and headquartered in Ajman. It now operates 11 branches spread across the UAE.