Abu Dhabi: Abu Dhabi Commercial Bank (ADCB) reported on Sunday Dh999 million in net profit attributable to equity shareholders for the third quarter of 2016, marking a 17 per cent decline from the Dh1.2 billion reported in the same quarter of 2015.
The figure brings profits for the first nine months of this year to Dh3.14 billion – down 16 per cent from the Dh3.73 billion reported in the same period last year.
The bank attributed the decline to higher impairment allowances due to the current market conditions. In the third quarter, impairment allowances rocketed 476 per cent year-on-year, reaching Dh380 million from just Dh66 million in Q3 2015.
Impairments for the first nine months of 2016 were Dh1 billion – up 177 per cent year-on-year.
Alaa Eraiqat, ADCB’s group chief executive officer, described the operating environment as “challenging,” saying “turbulent markets have impacted the [banking] industry.”
