Two of Abu Dhabi’s biggest banks set aside a total of almost Dh1.1 billion (US$299.4m) in provisions as they braced for further possible losses on their loan books from defaulting customers.
Abu Dhabi Commercial Bank (ADCB), the emirate’s third-largest lender, booked Dh810m in bad-loan charges, while National Bank of Abu Dhabi (NBAD), the largest UAE lender by market capitalisation, set aside Dh284m.
The move virtually wiped out ADCB’s third-quarter profit, while NBAD posted a 41 per cent gain in the period.
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