Raj Madha

Abu Dhabi Islamic Bank Q2 provisions jump 75 pct

Credit provisions and impairments bounced 75 percent to 235.8 million dirhams from the year-ago period.
Non-performing loans also evolved in the second quarter. The statement came from Raj Madha, MENA banking analyst at Rasmala Investment Bank, who calculated an adjusted NPL figure of 12.5 percent, accounting for 91-plus days of delinquency on a loan.
ADIB took a further 86.9 million dirhams in impairments against its real estate portfolio and added that it expects the real estate portfolio to post further losses in 2011.

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