Ajman Bank posts AED22.1m loss for H1

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AJMAN BANK: Losses described as 'within management expectations'. (Getty Images)

Ajman Bank, the Islamic lender whose founders include the ruling family of the emirate of Ajman, confirmed on Wednesday an AED22.1m accumulated loss for the first half of the year.

Total assets meanwhile were AED1.5 billion, while deposits totaled AED470 million.

In a statement through the Dubai bourse the bank described the latest losses as ‘within management expectations’.

The bank added that it remained well-positioned to pursue its expansion strategy over the next few months as it invests in its branch network and introduces new products and services.

On August 3 acting CEO Ali E. Al Shaqoosh Al Mueen was quoted in a Reuters report saying the lender aims to open 10 new branches next year.

"Due to economic and financial issues in the market, the board thought we should not hurry," he said.

"Our target is to break even by Q4, maybe even earlier in Q3," he added.

Mueen also confirmed that the bank is interested in participating in a $10 billion bond issue from the Dubai government but that few details were yet available.

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