UAE’s Ajman Bank posts lower first-half profit and a drop in assets
UAE’s Ajman Bank posted 42.969 million dirhams ($11.7 million) in profit for the six months ending June 30, a drop of 51.12% compared to the same period last year.
The Shariah-compliant bank paid up 94.360 million dirhams in impairment charges, an increase of 25.55% year-on-year, according to its bourse filing on Tuesday (July 28).
It said that any changes made to expected credit losses, or ECLs, to estimate the overall impact of COVID-19 is subject to “very high levels of uncertainty as limited forward-looking information is currently available on which to base those changes”.
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