Ajman Bank posts Dh 22.1 H1 loss

Ajman Bank, leading Islamic lender, has recorded losses of Dh 22.1 million in the first half of 2009 after adjusting Dh 3 million profit last fiscal. The sources said that the bank's losses in the second quarter climbed to Dh13.6 million against Dh11.6 million in the first quarter - totalling Dh 25.2 million in the first half before adjustment.

The sources further added that the bank is having enough liquid assets with Dh1billion in cash and will reach breakeven by the end of fourth three month period. The bank's assets have witnessed a growth to Dh1.5 billion in second quarter compared to Dh1.34 billion in Q1 2009.

The bank officials stated in a communiqué that its customer deposits grew more than Dh 470 million.