UPDATE 1-First Abu Dhabi Bank reports rise in Q4 profit, and impairments - Reuters:
First Abu Dhabi Bank, the biggest lender in the United Arab Emirates (UAE), reported a 5% rise in quarterly profit due to an increase in non-interest income, but like other rivals also saw a steep jump in impairment charges.
UAE lenders are seeing rising bad debt charges as they navigate a property downturn notably in Dubai, which has hit contractors and real estate firms.
Emirates NBD saw impairments rise more than three times, partly due to bad debt charges at its newly acquired Turkish unit, DenizBank, while similar charges climbed 48% at Abu Dhabi Commercial Bank.
Dubai house prices have fallen by at least a quarter since mid-2014, the peak from its recovery from the 2009 debt crisis, and the end of this latest bout of weakness is not yet near.
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