ADCB's profit slumps after $292 million impairments for NMC, Finablr - Reuters:
Abu Dhabi Commercial Bank (ADCB) (ADCB.AD), UAE’s third-biggest lender, reported an 84% fall in first-quarter net profit on Thursday as it took $292 million in impairments on debt exposure to troubled hospital operator NMC Health and payments group Finablr (FINF.L).
The bank also said the coronavirus outbreak had made the operating environment “increasingly challenging”, and as a result it was difficult to predict the financial impact for the rest of the year at this stage.
ADCB was a major lender to NMC Health with an exposure of about $981 million to the company, which went into administration after months of turmoil following questions about its financial reporting from short-seller Muddy Waters.
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