07/02/2014 08:57 AST

Ajman Bank reported a total comprehensive loss of AED 16.18 million for 2013, against total comprehensive income of AED 56.8 million a year earlier. Profits from banking activities were down 68 per cent to AED 10,599,000 and earnings per share down by more than two-thirds to AED 0.011 from AED 0.034.

The Shari’ah-compliant bank reported a 29 per cent rise in total assets to AED 7.09 billion while total liabilities rose by 36 per cent to AED 6.05 billion, including a 26 per cent increase in customers’ deposits to AED 5.48 billion.

Expenses were up 8.9 per cent, fuelled by a 17 per cent rise in staff costs.

Ajman Bank reported impairment charges for Islamic financing and investment products up 107 per cent to AED 62.7 million. Individually impaired investment in Islamic financing and investment products amounted to AED 96.1 million at end-December 2013, against AED 82.1 million a year earlier.

The bank showed a loss on the sale of investment securities of AED 26.1 million, compared with a gain of AED 38.3 million in 2012.

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