Scheme records 242% growth from the latter half of 2023
The net profit in the third quarter this year was only 44 million and it marks a 85 per cent dip from what was achieved in the previous quarter. This was because of the increased provisioning of Dh 810 million in the quarter, and this was almost double the provisioning made in the previous quarter, a statement from ADCB said here on Tuesday.
The bank posted a net profit of Dh701 million in the first nine months this year, while the figure was Dh1620 million for the same period last year.
Non- performing loans climbed to 4.2 per cent of total credit as Saudi Arabia’s Saad and Algosaibi groups defaulted on loans, the statement said. The bank had earlier divulged that its exposure to the two troubled groups was to the tune of Dh 2.24 billion. Excluding exposures to these groups the bank’s non-performing loans stood at 2.6 per cent, the statement claimed. The bank had posted a pre-provision profit of Dh 2,405 million in the first nine months this year which was eight per cent higher than the same period last year. The bank has set aside 70 per cent (Dh17 billion) of the pre-provision profits this year for loan and investment impairments.
The bank has also delivered strong income growth of nine per cent this year, according to the Ala’a Eraiqat, the bank’s CEO.
Scheme records 242% growth from the latter half of 2023
This follows Ajman Bank’s inclusion in the MSCI Global Index in March 2023
The building was located in the Mezzah suburb area
Iran supreme leader's invitation to Nasrallah to relocate to Iran came after thousands of pagers and walkie talkies used by Hezbollah blew up
The data of licensed companies can be found on SCA's website, which can be accessed to avoid falling prey to fraudulent practices
The military had earlier in the day announced the death of first soldier in Lebanon
The four-time Grand Slam champion from Spain edged a captivating final 6-7 (6/8), 6-4, 7-6 (7/3)
The leader said that the award 'is a seed that we plant today for the future'