ADIB‘s falling revenue rounds up combined outcomes season for Abu Dhabi banks
Abu Dhabi Islamic Bank (ADIB) saw profits fall in the fourth quarter while peer Union National Bank reported a surge in revenues. The emirate‘s five domestic banks are battling tight liquidity and rising bad loans due to the economic impact of lower oil prices. Tight competition and pressure on margins has led to consolidation in Abu Dhabi‘s banking sector, with National Bank of Abu Dhabi and First Gulf Bank in the process of merging to create one of the largest banks in the Middle East and Africa.
Syndicate
