Financial and Banking News
ADIC Increases Provisions 7.5 Times
The Abu Dhabi Investment Company (ADIC) increased its loan loss provisions by a factor of 7.5 in 1985, from Dh3.289mn to Dh24.798mn, thereby cutting its net income from Dh25.376mn to Dh15.978mn ($4.3mn). ADIC's operating income actually increased during the year from Dh28.665mn to Dh40.776mn, 752 of which was derived from net interest income, which increased by 18.5%. Fee income, on the other hand,...