Ajman Bank, a leading Islamic bank in the UAE, has posted an income of Dh49.5 million ($13.47 million) in the first quarter of 2011, compared to Dh24.7 million in the corresponding period of 2010, an increase of 100 per cent.

As of March 31, customer deposits stood at Dh2.83 billion compared to Dh2.02 billion at the end of 2010, representing an increase of 40 per cent.

Ajman Bank’s total assets at the end of the first quarter of 2010 stood at Dh4.2 billion, an increase of 30 per cent compared to AED 3.23 billion at the end of fourth quarter of 2010.

Ajman Bank’s Islamic financing instruments portfolio grew by 29 per cent in the first quarter of 2011. New investment in Islamic financing instruments increased from Dh2.78 billion as of December 31, 2010, to Dh3.59 billion as of March 31.

The bank reported a loss for the quarter of Dh8.4 million, which was in line with expectations and 39 per cent lower than the loss of Dh13.9 million in the same period of 2010.

Expenses during the quarter increased by 8 per cent, driven by the bank’s investment in its expanded branch network and additional services.

“In just two years, Ajman Bank has established a strong presence in the UAE banking sector,” said Sheikh Ammar Bin Humaid Al Nuaimi, Crown Prince of Ajman and chairman of Ajman Bank.

“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,” he added.

“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. – TradeArabia News Service