Tamweel PJSC, the United Arab Emirates’ biggest mortgage company, reported its fourth straight quarterly profit while second-ranked Amlak Finance PJSC’s loss narrowed as provisions for bad loans fell.
Tamweel had net income of 5.4 million dirhams ($1.5 million) in the three months to June 30, compared with a loss of 35 million dirhams a year ago, it said in a statement to the Dubai bourse today. Amlak’s quarterly loss narrowed to 597,000 dirhams from 65.6 million dirhams, the company said in a separate statement.
Tamweel set aside 40 million dirhams to cover defaults on mortgages and falling property prices in Dubai as “market conditions remain adverse,” it said in the statement. Amlak set aside 29.7 million dirhams to cover loan delinquencies, compared with 67 million dirhams a year ago, it said.
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