Emirates NBD reports 55% lower profits in 9M

Emirates NBD reports 55% lower profits in 9M

Dubai – Mubasher: The net profits attributable to the equity holders of Emirates NBD declined by 55% to AED 5.64 billion in the first nine months of 2020, compared to AED 12.48 billion in the same period of 2019.

Lower net profits are attributed to higher provisions and gain from the sale of Network International shares not repeated in 2020 and higher impairment charges, according to the bank's consolidated financial results for the nine-month period ended on 30 September 2020.

The bank's net interest income rose by 21% to AED 12.36 billion in the January-September period of 2020 from AED 9.99 billion during the year-ago period.

The lender's total assets reached AED 692.14 billion by the end of September 2020, up