First Abu Dhabi Bank's profit hit by impairment charges - Reuters:
First Abu Dhabi Bank (FAB.AD), the biggest lender in the United Arab Emirates (UAE), reported a 22% drop in quarterly profit on Monday, hit by interest rate cuts and impairment charges.
Its net profit in the first quarter was 2.4 billion dirhams($653.4 million) versus 3.1 billion dirhams a year earlier.
Net impairment charges leapt 44.8% to 738 million dirhams, which it said reflected “prudent provisioning due to a challenging operating environment”.
The UAE central bank has launched $70 billion worth of capital and liquidity measures aimed at providing economic stimulus during the coronavirus pandemic.
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