Dubai’s biggest bank sees 55% profits slump amid coronavirus crisis

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