Dubai – Mubasher: The UAE-based Ajman Bank on Wednesday reported a 4% year-on-year rise in net profits during the end of the third quarter in 2018.

The bank generated a profit of AED 40.81 million ($11.11 million) during Q3-18, up from AED 39.18 million ($10.67 million) in Q3-17, according to a statement to the Dubai Financial Market (DFM).

During the first nine months of this year, Ajman Bank’s profits surged 27% to AED 119.8 million, compared to AED 94.5 million in the corresponding period a year earlier.

From January to September 2018, the DFM-listed bank’s operating revenues levelled up 3% to AED 270 million, from AED 261.7 million in the year-ago period.

Year-on-year, Ajman Bank’s assets grew 13% to AED 20.69 million during the nine-month period ended September, compared to AED 18.35 million.