Abu Dhabi Commercial Bank Q2 net profit down 15% as impairments rise | ZAWYA MENA Edition:
Abu Dhabi Commercial Bank posted a 15% drop in second-quarter net profit due to higher impairment costs, including to cover its exposure to troubled hospital operator NMC Health, it said on Wednesday.
Net profit at the United Arab Emirates' third-largest bank fell to 1.23 billion dirhams ($334.9 million) from 1.45 billion a year earlier.
Impairment charges in the first half rose to 2.55 billion dirhams from 1.17 billion a year earlier.
With exposure of about $981 million, ADCB was a major lender to NMC Health, which went into administration this year after months of turmoil following questions over its financial reporting.
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