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Tue 27 Jan 2009 11:49 AM

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Abu Dhabi Commercial Bank delays Q4 results

Emirate’s lender follows central bank’s advice; will declare Q4 results on Feb. 5.

Abu Dhabi Commercial Bank has postponed announcing its fourth-quarter results to Feb. 5, the bank said on Tuesday, one day after the central bank said it would review loans and provisions at all UAE banks.

ADCB had originally planned to announce its results on Tuesday following a board meeting. "The board meeting and the results have been postponed to February 5," a spokesman of the bank told Reuters without giving a reason.

Other UAE banks are expected to delay their planned earnings release dates as well as the central bank conducts its review.

The UAE Central Bank in a circular on Sunday has directed banks operating in the UAE, both local and foreign, to submit details about major loans and advances and investments for review. 

Several Gulf Arab banks have reported weaker fourth-quarter profits due to growing provisions for bad loans and writedowns on investment losses as the region suffers the fallout of the global financial crisis, analysts say. (Reuters)

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