Emirates NBD quarterly profit slumps 58% as coronavirus pandemic provisions jump

DUBAI: Dubai’s biggest bank Emirates NBD on Monday posted a 58 percent fall in second-quarter profit, having set aside over $1.1 billion so far this year to cover bad loans in anticipation that the impact of the coronavirus crisis will worsen.
Net profit slumped to 2 billion dirhams ($544.5 million) from 4.74 billion dirhams a year earlier, when it booked a gain of 2.1 billion dirhams from an asset sale.