Wednesday, Aug 08, 2012

DUBAI (Zawya Dow Jones)--Ajman Bank (AJMANBAN.DFM) on Wednesday said its net profit for the second quarter rose to 7.2 million U.A.E. dirhams ($1.96 million), from AED0.5 million a year earlier, as deposits rose and the lender stepped up its Islamic financing investments.

Customer deposits in the past six months rose 27% to AED3.3 billion, while the bank's investments in Islamic financing were up 6% to AED3.1 billion during the same period, according to an emailed statement.

Ajman Bank, which operates 12 branches, said that despite challenging market conditions it can achieve further growth.

"The outlook for our balance sheet of 2012 looks very positive," said Mohamed Amiri, the bank's acting chief executive.

The bank's shares traded 0.6% lower at AED0.78 Wednesday.

-By Nicolas Parasie, Dow Jones Newswires, +971 55 109 3348, nicolas.parasie@dowjones.com, Twitter: ZDJnews.

Copyright (c) 2012 Dow Jones & Co.

(END) Dow Jones Newswires

08-08-12 0738GMT