January 27, 2020 / 6:28 AM / a month ago

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

DUBAI, Jan 27 (Reuters) - 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

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