Dubai (Al-Ittihad) achieved Emirates NBD Bank Net profit of AED 2.3 billion, an increase of 12% compared to the same period of the previous year and 76% compared to the previous quarter, and total income increased by 25% compared to the previous quarter to reach AED 6.2 billion, as a result of the remarkable recovery of unfunded income and an increase in net interest income due to the fact that the net interest margin was absorbed. The success of the unprecedented decline in interest rates for the year 2020.
Costs decreased by 9% compared to the same period of the previous year and compared to the previous quarter to reach AED 1.9 billion as a result of effective cost control measures.
Provisions for impairment decreased by 31% compared to the same period of the previous year due to a marked decrease in the net cost of risk by 158 basis points on the back of applying the precautionary provisioning approach in previous quarters, and customer loans amounted to 436 billion dirhams, while balances of current and savings accounts increased by 16 billion dirhams, constituting 56% of total deposits.
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