April 27, 2020 / 3:21 PM / a month ago

First Abu Dhabi Bank posts profit fall as impairment charges spike

DUBAI, April 27 (Reuters) - First Abu Dhabi Bank, the biggest lender in the United Arab Emirates (UAE), reported a 22% drop in quarterly profit on Monday, citing interest rate cuts and unprecedented market conditions.

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 rose 44.8% to 738 million dirhams, which it said reflected “prudent provisioning due to a challenging operating environment”. ($1 = 3.6730 UAE dirham) (Reporting by Yousef Saba Editing by David Goodman )

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below