Dubai – Mubasher: Ajman Bank reported a 45% year-on-year decline in its profits for the third quarter of 2019.

The bank’s profits retreated to AED 22.3 million during the three-month period ended 30 September, compared to AED 40.8 million in the year-ago period, according to a statement to the Dubai Financial Market (DFM) on Sunday.

As for the first nine months of 2019, Ajman Bank logged a profit of AED 110.2 million, falling by 8% year-on-year from AED 119.8 million in the corresponding period a year earlier.

The profit drop was ascribed to a 141% year-on-year rise in impairment charge for financial assets which stood at AED 150.9 million during the nine-month period ended 30 September, compared to AED 62.6 million.

Meanwhile, the general and administrative expenses grew by 32% to AED 61.5 million during the January-September period from AED 46.7 million.

It is noteworthy that during the first half of 2019, Ajman Bank posted a profit of AED 87.9 million, compared to AED 79.001 million in the year-ago period.