Dubai: Ajman Bank on Sunday reported a net profit of Dh132.61 million, up 5.63 per cent compared to Dh125.54 million in 2016.
While the bank made significant savings in staff costs that supported the full-year profits, higher impairment charges were up by 47.7 per cent to Dh195 million in 2017, compared to Dh132 million, and they impacted profit growth.
The bank’s income from Islamic financing and investing assets surged 21.55 per cent to Dh681.63 million last year, up from Dh560.78 million in 2016. Fees, commission and other income rose 12.4 per cent to Dh149 million in 2017, up from Dh132.54 million in 2016.
The bank’s total assets were up at Dh20 billion at the end of 2017, up 25 per cent on the Dh16 billion seen at the close of 2016.
Islamic financing and investment assets, net of investment securities, stood at Dh15.15 billion during the period, compared to Dh12.37 billion in the prior period.
On the liabilities side, the bank reported a significant surge in Islamic customer deposits to Dh14.32 billion in 2017, up from the Dh11 billion seen at the close of 2016.
