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Friday, 15 July 2016

UPDATE 1-UAE bank ADIB warns on credit growth after 1 pct Q2 profit gain | Reuters

UPDATE 1-UAE bank ADIB warns on credit growth after 1 pct Q2 profit gain | Reuters:

"Abu Dhabi Islamic Bank (ADIB) warned on Thursday it was restricting the amount of new credit it was extending due to an increase in defaults across its business lines.

The message from the emirate's largest Islamic bank is perhaps the most stark yet of the impact on the banking sector in the United Arab Emirates from reduced government spending as a result of lower oil prices.

This came after the bank posted a 1 percent rise in second-quarter net profit to 507.5 million dirhams ($138.2 million), a result which beat the forecasts of analysts at EFG Hermes and Arqaam Capital."



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