Dubai: The mortgage provider Amlak has made a firm push back into profits, recording a net of Dh139.09 million against a loss of Dh85.45 million in 2014. Revenues were relatively flat during the same period, at Dh476.09 million against Dh451.23 million, according to filings made on Dubai Financial Market.
Further details regarding the disbursal’s and other income-generating activities were not revealed. Total assets were trimmed to Dh6.88 billion from the Dh7.3 billion a year earlier.
Amlak had in the last quarter of 2015 confirmed its participation as financing investor purchases in the upscale Serenia Residences development on the Palm. It was in summer last year that its shares were resisted on DFM after a hiatus that began in late 2008.
Anecdotal evidence suggests that mortgage funding has seen incremental gains in recent quarters, with local banks also aggressively pushing into this space. But analysts reckon that a lot of the new transactions were refinancing deals as banks sought to lure customers away from their rivals. Also, the uncertainty over whether the US Federal Reserve might go in for a sharp hike prompted quite a few UAE property owners to try and lock in their rates at a lower level and over an extended term.
