Amlak Finance posts loss of Dh69m to cover defaults

Amlak Finance, the largest mortgage lender in the Middle East by market value, said yesterday it lost Dh69 million (US$18.8m) in the first quarter of this year as it set aside funds to cover future potential losses on its property lending book.

The results were better than in the previous quarter, when the Dubai-based firm lost Dh204m. But they were worse than in the first quarter of last year, when the company reported Dh127m in net profit.

Most of the Dh69m in losses were attributable to an effort to set aside money in preparation for future loan defaults, the company said.