Top UAE Banks See Profit Fall on Higher Provisions Amid Pandemic.

(Bloomberg) -- The two biggest banks in the United Arab Emirates reported a drop in profit last year as they set aside higher provisions to cover an expected spike in bad loans as a result of the coronavirus pandemic. Emirates NBD 1H numbers: Profit 6.96 billion dirhams vs 14.5 billion dirhams Excluding the gain from Network International, profit fell 31% Impairment allowances 7.9 billion dirhams vs 4.8 billion dirhams Total income 23.2 billion dirhams vs 22.4 billion dirhams Net interest income 17.49 billion dirhams vs 16.19 billion dirhams Cost to income ratio 33.8% vs 32.1% Net interest margin 2.65% vs 2.89% ©2021 Bloomberg L.P. [Extracted from the article]

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