Al Ansari Financial Services Experiences Net Profit Decline in Q1 2024

Al Ansari Financial Services Experiences Net Profit Decline in Q1 2024

Arabian Post -Al Ansari Financial Services (AFS), a leading financial services provider in the United Arab Emirates, reported a net profit of AED 98. 7 million for the first quarter of 2024 (Q1 2024). This represents a 26% decrease compared to the AED 133 million net profit achieved in Q1 2023. The decline in profitability is attributed to two key factors. AFS underwent a significant branch network expansion during […]

via Al Ansari Financial Services Experiences Net Profit Decline in Q1 2024Arabian Post -

Al Ansari Financial Services (AFS), a leading financial services provider in the United Arab Emirates, reported a net profit of AED 98. 7 million for the first quarter of 2024 (Q1 2024). This represents a 26% decrease compared to the AED 133 million net profit achieved in Q1 2023.

The decline in profitability is attributed to two key factors. AFS underwent a significant branch network expansion during Q1 2024, which resulted in increased operational costs. Additionally, the recent introduction of corporate tax in the UAE impacted the company’s bottom line.

Despite the decrease in net profit, AFS witnessed a positive growth in overall transactions. The company reported a 5. 1% year-on-year (YoY) increase in total transactions across all