UAE's ADCB reports third quarter profit slip, more NMC-related impairments | Reuters
Abu Dhabi Commercial Bank (ADCB) ADCB.AD posted a 3% drop in third-quarter profit on Wednesday as the UAE's third-biggest lender took additional impairments on its exposure to hospital operator NMC Health and associated companies.
ADCB reported a net profit of 1.366 billion dirhams ($372 million) in the quarter ended September 30, down from 1.412 billion.
It reported 148 million dirhams in impairment charges related to troubled NMC Health, Finablr FINF.L and associated firms.
That brings such impairment charges to 1.38 billion dirhams.
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.
No comments:
Post a Comment