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Emirates NBD's profit more than halves in 2020 on higher provisions

Emirates NBD's profit more than halves in 2020 on higher provisions
Net interest income increased to AED 17.487 billion
Emirates NBD
EMIRATESNBD
-2.20% 11.10 -0.25

Dubai – Mubasher: Emirates NBD posted net profits of AED 6.965 billion in 2020, down by 52% year-on-year (YoY) from AED 14.504 billion a year earlier.

The plunge in net profits was mainly due to no repeat of the AED 4.39 billion gain on disposal of Network International shares and the AED 92 million gain on bargain purchase in 2019, the bank said in a statement on Wednesday.

In addition, impairment allowances surged by 65% to AED 7.936 billion last year from AED 4.818 billion in 2019.

Moreover, operating expenses rose by 9% YoY to AED 7.856 billion in 2020, compared to AED 7.207 billion.

Over the year, net interest income increased to AED 17.487 billion, up by 8% YoY from AED 16.188 billion in 2019.

During the first nine months of 2020, the bank reported AED 5.64 billion in net profits attributable to shareholders, compared to AED 12.48 billion in the same period of 2019.