Emirates NBD annual profits drop by 52% to 7 billion dirhams

Emirates NBD's financial statements showed that the bank's profits fell in the past year (2020) by 52%, to nearly 7 billion dirhams.

According to the bank's results for the Dubai Financial Market, today, Wednesday, the decline in profits last year is due to the inclusion of exceptional profits in the results of 2019 as a result of the disposal of a stake in a company controlling it With a combined share of 4.39 billion dirhams, and a one-off profit on the purchase of a sale position of 92 million dirhams.

The data indicated that provisions for impairment of financial assets increased by 65%, to reach Dhs 7.94 billion, compared to Dhs 4.82 billion in 2019.

The general and administrative expenses of the bank increased last year by 9%, to reach 7.86 billion dirhams, compared to 7.21 billion dirhams during the same period of the previous year.

During its meeting held yesterday, Tuesday, the bank’s board of directors recommended distributing 40% cash dividends to shareholders for the year 2020, equivalent to 40 fils per share.