A 400% year-on-year rise in impairments booked in the fourth quarter to AED437m ($119m) contributed to a 16% drop in profits for UAE (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.
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.