Emirates NBD Makes No Provisions for Dubai World Debt in Quarterly Results - Bloomberg: "Emirates NBD PJSC, which reported a 53 percent decline in second-quarter profit, said the debt restructuring at state-owned Dubai World was progressing “satisfactorily” and the bank has not booked any specific provisions for impaired loans to the company until now.
Emirates NBD, the United Arab Emirates’ biggest bank by assets, is one of the seven biggest lenders to Dubai World and reached a preliminary deal with the holding company to restructure $14.4 billion of bank debt on May 20.
About two-thirds of the loans to Saudi Arabia’s Saad and Algosaibi business groups have been provided for, Emirates NBD said in its second-quarter results presentation today."
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