ADCB 2020 net profit down 27% as provisions for hospital group NMC build | Reuters
Abu Dhabi Commercial Bank said on Sunday it posted a 27% drop in net profit for 2020, as it booked significantly higher provisions including new ones for troubled hospital operator NMC, for which it had nearly $1 billion in lending exposure.
The bank posted a net profit of 3.81 billion dirhams ($1.04 billion) for the year ending Dec. 31, down from a net profit of 5.24 billion dirhams a year earlier.
It beat analysts’ mean net profit estimate of 3.46 billion dirhams, according to Refinitiv data.
Its fourth quarter net profit fell 4% year-on-year to 1.01 billion dirhams. It was down 26% compared to the third quarter.
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