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Latest News

ADCB has $1.8 bln Dubai World exposure

Net loss made in first half of the year.


July 31, 2010 2:30 by

Abu Dhabi Commercial Bank said on Saturday it had 6.6 billion dirhams ($1.8 billion) worth of exposure to indebted state conglomerate Dubai World and posted a second-quarter loss. ADCB made a net loss of 531 million dirhams in the three months to June 30, compared to a 225 million dirham net profit in the first quarter, it said in a statement.

The lender made a net loss of 306 million dirhams in the first half of the year, compared to a 657 million dirhams net profit in the first six months of 2009.

Analysts polled by Reuters had estimated an average second-quarter net profit of 163 million dirhams, a 45 percent decline.

(Reporting by Stanley Carvalho; Editing by Raissa Kasolowsky)


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