Ajman Bank reports Dh26m first quarter net profits

Dubai: Ajman Bank on Sunday reported Dh26 million net profits for the first quarter of 2017, down 13 per cent compared to Dh30 million profits reported in the first quarter of 2016.

Bank’s total assets surged to Dh17.23 billion at the close of the first quarter compared to Dh16 billion at year end 2016. Net Islamic financing and investing assets were at Dh13.38 billion at the end of first quarter 2017 compared to Dh12.37 billion at the year-end 2016. Customer deposits of the bank surged to Dh12.15 billion during the first quarter compared to Dh11 billion at the end of 2016.

Net operating income for the quarter was up 17 per cent to Dh132.63 million compared to Dh113.08 million in the same quarter in 2016. The bank reported a surge in impairment charges for Islamic financing and investing assets to Dh44 million in the first quarter of 2017 compared to Dh16.16 million in the first quarter of 2016.