Emirates NBD profits down 54.8% in nine months

Emirates NBD's financial statements showed a 54.8% decline in the bank's profits in the first nine months of this year on an annual basis.

According to the bank's statement to the Dubai Financial Market, today, Tuesday, profits for the period amounted to 5.644 billion dirhams, compared to 12.482 billion dirhams for the first nine months of 2019.

the bank attributed the decline in profits during the comparison periods to the results of the same period in 2019 that included exceptional profits as a result of the disposal of a stake in a jointly controlled company of 4.39 billion dirhams, and a profit One-off deal for a purchase of AED 141.6 million.

The decrease in profits for the period is also due to the increase in provisions for impairment of financial assets by 131%, to reach 6.361 billion dirhams, compared to 2.755 billion dirhams during the first nine months of the previous year .

and the increase in general and administrative expenses by 23% to reach 5.81 billion dirhams, compared to profits of 4.71 billion dirhams during the same period in 2019.

The bank's third-quarter profit amounted to 1.556 billion dirhams, compared to profits of 5.001 billion dirhams for the same period in 2019, a decrease of 68.9%.