Abu Dhabi Commercial Bank Q4 profit drops 16% on impairment charges

The bank reported a net profit of $285.89mln for the three months ended December 31

  
General view of Abu Dhabi Commercial Bank logo on January 4, 2017 in Dubai, United Arab Emirates.

General view of Abu Dhabi Commercial Bank logo on January 4, 2017 in Dubai, United Arab Emirates.

Getty Images/Tom Dulat

DUBAI  - Abu Dhabi Commercial Bank (ADCB) reported a 16% drop in fourth-quarter profit on Monday, hurt by an increase in impairment charges.

The bank reported a net profit of 1.05 billion dirhams ($285.89 million) for the three months ended Dec. 31, down from 1.24 billion dirhams a year earlier.

ADCB, which last year merged with smaller peers Union National Bank and Al Hilal Bank, recommended a cash dividend of 0.38 dirhams per share.

($1 = 3.6728 UAE dirham)

(Reporting by Davide Barbuscia; Editing by Aditya Soni) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))

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