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Back to Local News listExposure weighs on ADCB
The Abu Dhabi Commercial Bank (ADCB) revealed it has an exposure of $1.8 billion to Dubai World as it posted a second quarter loss.
The lender recorded a net loss of dhs531 million ($144.5 million) in the second quarter of 2010, down from a dhs295 million net profit in the first quarter of this year.
Eissa Al Suwaidi, Chairman of ADCB said “the bank continued to realise satisfactory levels of profitability, however, the enforce-ment of provisions and impairments, especially those associated with ADCB’s exposure to Dubai World resulted in reporting a net loss”.
Last week, Emirates NBD, a bank that, along with ADCB, sits on a seven member committee conducting debt talks between Dubai World and its lenders announced quarterly profits that had more than halved.
ENBD, which is also heavily exposed to Dubai World, posted a 51 per cent decrease in Q2 profits to dhs398.2 million ($108 million) from dhs852 million dirhams, a year earlier.
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Tags: ADCB,
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