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Tue 4 Oct 2016 02:45 PM

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Abu Dhabi Islamic Bank said to cut more than 200 jobs

Bank would be the latest in the UAE to cut jobs to adjust to slower economic growth

Abu Dhabi Islamic Bank said to cut more than 200 jobs
Abu Dhabi Islamic Bank branch at Al Wahda Mall, Abu Dhabi (Image: Mall website)

Abu Dhabi Islamic Bank has reportedly cut more than 200 jobs over the past three months, mainly in its retail business.

Bloomberg cited three people with knowledge of the reductions that about 100 people were dismissed last month, with the layoffs mostly affecting junior staff.

A spokesman for the bank, which employs about 2,500 people, declined to comment on speculation and rumours, Bloomberg said.

Abu Dhabi Islamic Bank would be the latest lender in the UAE to cut jobs to adjust to slower economic growth after Union National Bank dismissed about 50 people in August, while Emirates NBD cut its workforce by more than 250 people in April.

In July, Abu Dhabi Islamic Bank warned it was restricting the amount of new credit it was extending due to an increase in defaults across its business lines.

The message from the emirate's largest Islamic bank was the most stark yet of the impact on the banking sector in the UAE from reduced government spending as a result of lower oil prices.

The bank posted a 1 percent rise in second-quarter net profit to 507.5 million dirhams ($138.2 million).

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