A 400% the fourth quarter-on-the fourth quarter rise in impairments booked in year 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 year, compared with AED1.19bn in the same period last the fourth quarter.
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.