May 7, 2020 / 10:29 AM / a month ago

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

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