Dubai Islamic Slumps as NMC Exposure Risks Wiping 45% of Profit

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Dubai Islamic Bank PJSC shares dropped the maximum allowed after the lender said it has $541 million of exposure to NMC Health Plc, which could wipe out almost half of its estimated profit for this year. The Dubai-based bank had about $425 million of exposure at the end of March, while NMC owed its subsidiary Noor Bank about $116 million, according to a statement. With an estimated profit of 4.46 billion dirhams ($1.2 billion) this year, according to seven analyst forecasts, the exposure represents about 45% of its projected profit, according to Bloomberg calculations.


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