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Dubai’s largest bank profits jump in 2021 as economy rebounds

DUBAI (AFP) – Dubai’s largest bank, Emirates NBD, announced yesterday that its net profits jumped in 2021, as the economy of the Gulf city state rebounded following a slump due to coronavirus.

The bank, the second largest lender in the United Arab Emirates (UAE), said its net profits rose 34 per cent to USD2.5 billion, from USD1.9 billion in 2020.

It said in a company statement that the bank has set aside USD1.6 billion in impairments, covering loan losses, a 26-per-cent decrease from last year, due to improving economic conditions.

“Emirates NBD’s profits grew 34 per cent in 2021 demonstrating the resilience of the Group’s diversified business model,” said Chairman Sheikh Ahmed bin Saeed Al Maktoum. “Emirates NBD continued financing the real economy and was rewarded as economic growth rebounded, helped by government economic stimulus packages.”

The bank said total income increased three per cent to USD6.5 billion, from USD6.3 billion a year earlier, “as higher retail volumes offset the impact of low interest rates”.

The sunrise reflects on city skylines at the Marina and Jumeirah Lake Towers districts in Dubai, United Arab Emirates. PHOTO: AFP
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