Abu Dhabi Islamic Bank provisions surges 75%
Abu Dhabi Islamic Bank, primarily a retail bank, reported erosion in its net profit following significant increase in provisions and a high number of non-performing loans during the second quarter. The bank, 41-percent owned by National Holding through the Emirates International Investment Co, witnessed 75 per cent increase in credit provisions and impairments that stood at 235.8 million dirhams, much above the previous year’s figures.
Raj Madha, MENA banking analyst at Rasmala Investment Bank, who calculated an adjusted NPL figure of 12.5 percent, told that non-performing loans also grew in the second quarter. He regretted that the retail NPL cycle for the Abu Dhabi Islamic Bank did not rise like many other banks.
ADIB Chief Executive Tirad Mahmoud projected tough times ahead for the financial sector. He projected single-digit growth in both assets and liabilities this year amid negatives cues from the US market.
The UAE’s second largest bank, established on 20th May 1997 as a Public Joint Stock Company following the Emiri Decree No. 9 of 1997, hoped further loss by the real estate portfolio in 2011.
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