Emirates NBD May Write Back Dubai World Exposure » Gulf Business

Emirates NBD May Write Back Dubai World Exposure » Gulf Business:



"Emirates NBD, Dubai’s biggest bank, may this year write back its non-performing loan provisions against exposure to conglomerate Dubai World, an executive of the bank said on Monday.



“We have sufficient confidence that we will be able to reclassify it as performing,” Patrick Clerkin, head of the funding group at Emirates NBD, told Reuters on the sidelines of a Dubai investor meeting in London. 




“It’s more of an accounting decision. It could be this year.”



Clerkin said Emirates NBD had provisioned five per cent of its total Dhs9 billion ($2.5 billion) exposure to Dubai World. If that provision is reclassified as performing, it will provide a significant one-off boost to the bank’s profits."



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