Dubai-based Islamic mortgage lender sees income from financing, investments and deposits all decline
Dubai's Amlak Finance reported an 87 percent drop in second-quarter net profit on Wednesday as the Islamic mortgage lender's income from financing, investments and deposits all declined and amortisation costs soared.
Amlak, which signed a $2.7 billion debt and financing restructuring deal with creditors last November, made a net profit attributable to shareholders of AED7.17 million ($1.95 million) in the three months to June 30, it said in a bourse statement.
This compares with a net profit of AED55.79 million in the prior-year period.
Quarterly income from Islamic financing and investing assets fell 30.1 percent year-on-year to AED64.87 million and deposit income roughly halved to AED1.11 million over the same timeframe.
Amlak also recognised amortisation of initial fair gains on investment deposits of AED51.43 million in the second quarter, versus none a year earlier.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.