DUBAI (Reuters) - Abu Dhabi Commercial Bank (ADCB) (ADCB.AD) reported an 84% plunge in first-quarter net profit on Thursday as it took 1.072 billion dirhams ($292 million) in impairments on debt exposure to troubled hospital operator NMC Health and Finablr (FINF.L).
The bank reported a net profit of 209 dirhams for the three months ended March 31, compared to 1.3 billion dirhams a year earlier.
EFG Hermes had projected a net profit of 896 million dirhams for the UAE’s third-biggest lender.
ADCB had a combined exposure of $1.16 billion to NMC Health, which went into administration earlier this month, and Finablr.
Reporting by Saeed Azhar; Editing by Jan Harvey