Islamic Finance

UAE’s Shariah-compliant Ajman Bank Q2 2019 profit flat year-on-year

UAE’s Ajman Bank reported a rise in profit of 0.17 per cent for the three months ending June 30 compared to the same period last year.

The Shariah-compliant bank's profit reached 45.063 million dirhams ($12.27 million) for the second quarter of 2019 compared to 44.985 million dirhams for the same period in 2018, according to its financial statements filed on Monday.

Net operating income grew 22.97 per cent to 157.39 million dirhams for Q2 compared to 127.99 million dirhams in the same period last year, according to Salaam Gateway calculation.

Expenses went up much higher, by 35.32 per cent to 112.32 million dirhams. 

Total assets increased by 4.6 per cent to 23.69 billion dirhams compared to 22.64 billion dirhams at the end of 2018.

Ajman Bank is listed on the Dubai Financial Market.

($1 = 3.6725 Emirati dirhams)

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