UAE’s Shariah-compliant Ajman Bank profit halved due to higher expenses
UAE’s Shariah-compliant Ajman Bank saw its profit for 2019 tumble by 50% due to higher expenses.
The bank’s profit for the full-year 2019 was 84.4 million dirhams ($22.98 million), down 50.36% from 170.03 million dirhams in 2018, it reported in a bourse filing on Wednesday (Feb 12).
Ajman Bank’s 16.3% increase in net operating income could not offset its 46.39% rise in expenses that reached 551.63 million dirhams compared to 376.84 million dirhams in 2018.
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