for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Earnings

ADCB's first-quarter profit slumps on $292 million impairments on NMC, Finablr

DUBAI (Reuters) - Abu Dhabi Commercial Bank (ADCB) ADCB.AD reported an 84% plunge in first-quarter net profit on Thursday as it took 1.072 billion dirhams ($292 million) in impairments on debt exposure to troubled hospital operator NMC Health and Finablr FINF.L.

The bank reported a net profit of 209 dirhams for the three months ended March 31, compared to 1.3 billion dirhams a year earlier.

EFG Hermes had projected a net profit of 896 million dirhams for the UAE’s third-biggest lender.

ADCB had a combined exposure of $1.16 billion to NMC Health, which went into administration earlier this month, and Finablr.

Reporting by Saeed Azhar; Editing by Jan Harvey

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up