Dubai’s Biggest Bank Profit Slumps After $1.1 Billion Provisions
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Emirates NBD PJSC first-half profit slumped 45% after it set aside $1.1 billion in provisions to cover an expected spike in bad loans brought on by the coronavirus pandemic.
Dubai’s biggest bank increased impairments allowances more than three times to 4.2 billion dirhams, according to a statement. Profit dropped to 4.1 billion dirhams due to the higher impairment charges and a gain on the sale of a stake in Network International Holdings Plc last year wasn’t repeated.