Dubai’s biggest bank sees 55% profits slump amid coronavirus crisis
- Date: 20-Oct-2020
- Source: Arabian Business
- Sector:Financial Services
- Country:uae-top-picks
Dubai’s biggest bank sees 55% profits slump amid coronavirus crisis
Emirates NBD more than doubled the amount of money set aside in provisions during the coronavirus pandemic
Emirates NBD, Dubai's largest bank, on Tuesday, delivered a net profit of AED5.6 billion ($1.5 billion) in the first nine months of 2020 as the coronavirus pandemic had a significant impact on its bottom line.
Net profit declined 55 percent year on year due to higher impairment charges and the gain on disposal of a stake in Network International not repeated in 2020, the bank said in a statement.
Discussions are ongoing and there is no certainty that a deal will be completed, Dubai-based Emirates NBD said
The bank more than doubled the amount of money set aside in provisions amid the coronavirus pandemic to AED6.4 billion.
Profit was also hurt as higher income from the inclusion of