Abu Dhabi Islamic Bank PJSC CEO steps down, COO takes charges as caretaker

Abu Dhabi Islamic Bank PJSC has announced the resignation of its Chief Executive Officer has resigned adding that Chief Operation Officer (COO) will take over as caretaker, Bloomberg reports.
The bank did not provide reasons for Mazin Manna’s resignation. Manna. COO, Sandeep Chouhan has been appointed to serve in the capacity until appointment of a new chief.
The bank is “fully engaged in securing the CEO’s successor within the briefest delays”, the institution said in a statement.
Before joining the bank, Manna led the Middle East and North Africa at Credit Agricole CIB and Group Senior Country officer for the UAE. He also worked for five year at Citi Bank NA in Bahrain.
The resignation occurred following a report of decrease in net profit Q1, from AED600.3 million to AED269.7 million same period last year.
The bank chalked the decrease on an increase in provisioning due to the challenging operating environment, as well as the result of lower revenues, given unprecedented market conditions.

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