Abu Dhabi Commercial Bank (ADCB) said on Saturday it had 6.6 billion dirhams ($1.8 billion) worth of exposure to indebted state conglomerate Dubai World and posted a second-quarter loss.
The lender reported a net loss of 531 million dirhams in the second quarter compared to a net profit of 295 million dirhams in the same period a year ago, missing analyst forecasts.
'The enforcement of provisions and impairments, especially those connected with ADCB's exposure to Dubai World, resulted in reporting a net loss,' the bank's chairman, Eissa al-Suwaidi, said in a statement.
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