Emirates NBD, Dubai's largest bank, on Tuesday, delivered a net profit of AED5.6 billion ($1.5 billion) in the first nine months of 2020 as the coronavirus pandemic had a significant impact on its bottom line.

Net profit declined 55 percent year on year due to higher impairment charges and the gain on disposal of a stake in Network International not repeated in 2020, the bank said in a statement.

The bank more than doubled the amount of money set aside in provisions amid the coronavirus pandemic to AED6.4 billion.

Profit was also hurt as higher income from the inclusion of DenizBank, a Turkish lender it purchased last year, was more than offset by additional credit impairment provisions for coverage ratios.

Emirates NBD said it has provided nearly AED6.6 billion of interest and principal deferrals to over 98,500 customers.

Shayne Nelson, Group CEO, said: “Despite the challenging conditions that individuals and businesses have faced over the last six months, Emirates NBD has remained profitable and maintained a strong balance sheet. We have used that strength to support our customers affected by the disruption caused by Covid-19 to help avoid credit issues developing in future.

"As the economy has started to reopen, we continue to provide nearly AED6.6 billion of interest and principal deferrals to over 98,500 customers."

He added that the safety and well-being of customers and employees "remains our top priority". He also said more customers have used digital banking during the coronavirus pandemic.