Abu Dhabi Commercial Bank posted a 90 percent drop in third-quarter net profit, falling short of analysts' expectations, as the lender booked hefty provisions, sending its shares down over 8 percent.
ADCB, the sixth largest bank in the UAE by market value, posted a net profit of 44 million dirhams ($11.98 million) in the third quarter versus 447.6 million dirhams in the year earlier period, according to a statement on the bourse's website on Tuesday.
"The bank continued to set aside provisions to cover any probable loss in its loan portfolio and some investments which had a negative impact on the bank's results for Q3," Eissa Al Suwaidi, chairman of ADCB, said in a statement.
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