Dubai’s Biggest Bank Books $696 Million in Provisions on Virus

Dubai’s Biggest Bank Books $696 Million in Provisions on Virus

Emirates NBD PJSC set aside about $700 million in the first quarter to cover bad loans, giving investors a glimpse at the damage the coronavirus and lower oil prices are wreaking on bank earnings in the Gulf.. The lender boosted provisions for a potential deterioration in credit quality in the coming quarters due to the coronavirus pandemic, it said.. Banks in the six-member Gulf Cooperation Council face an "earnings shock" from the plunge in oil prices and the coronavirus pandemic, according to S&P Global Ratings.. Profit growth at Qatar National Bank, the Middle East's biggest lender, stalled in the first quarter, while Dubai's Mashreqbank recorded a 28% drop and Oman's Bank Muscat posted a 27% decline..