A 400% year-on-year rise in impairments booked in the fourth quarter to AED437m ($119m) contributed to a 16% drop in profits for Abu Dhabi Commercial Bank (ADCB). The bank said it had recorded an impairment charge of A$16.7bn ($1.3bn) on its balance sheet during the quarter, compared with $17.5bn at the end of last year.
A 400% year-on-year rise in impairments booked in the fourth quarter to AED437m ($119m) contributed to a 16% drop in profits for Abu Dhabi Commercial Bank (ADCB). Despite writing off doubtful loans, the bank made a AED1bn net profit in the fourth quarter, compared with AED1.19bn in the same period last year.