Ajman Bank has swung into profit as its expansion plans start to bear fruit, with analysts saying that because it is smaller than most of its rivals it may benefit from the troubles of bigger banks.
The Islamic lender, listed in Dubai, yesterday reported a third-quarter profit of Dh3 million versus a loss of Dh3.2m in the same period last year. The quarterly profit was the bank's third since the lender was established in 2008.
The bank's stock slid 0.1 per cent to 80 fils per share yesterday, although the Dubai Financial Market General Index fell 0.3 per cent.
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