Ajman Bank slashes Q3 operational loss by 29%

Ajman Bank released the financial results for its third operational quarter to the Dubai Financial Market. The Bank has significantly reduced the third quarter operational loss by 29 per cent as compared to second quarter, resulting from earlier well-driven initiatives and demonstrating remarkable progress.

The accumulated loss of Dh31 million since inception is better than management expectations and the value of the bank’s total assets stands at Dh1.75 billion according the Q3 figures. Contrary to market trends that have seen banks in the region focus on building liquidity, Ajman Bank’s financial declaration demonstrates the continued strength of its customer deposits which have grown by 45 per cent from Q2 to more than Dh680 million.

Ajman Bank has continued to invest in its branch network, introduced numbers of new products and services to the market and is currently well-positioned to pursue its expansion strategy over the coming months.

Since its official inauguration on February 2nd of this year, Ajman Bank has dedicated resources to the development of its branch network. Last month the Abu Dhabi branch was officially opened, taking the total number of branches to four. Work is underway to establish branches in other Emirates, expected to open during the fourth quarter, giving the Bank a presence in the major Emirates in the UAE by the end of 2009.

Given its highly liquid position in the market, Ajman Bank has had the opportunity to remain focused on profitability, growth and remains on track to achieving the best possible financial results at the end of the year.