DUBAI, (Reuters) – Dubai’s Tamweel recorded a third-quarter net profit of 10 million dirhams ($2.72 million), down 95 percent from the year-earlier period, and took impairment provisions of 53 million dirhams in the quarter, it said on Sunday.

The Islamic mortgage lender made a net profit of 65 million dirhams in the first nine months of the year, the firm said in a statement on Dubai’s bourse website.

Tamweel made a net profit of 185.7 million dirhams in the third quarter last year.