RAKBANK registers net profit of Dhs1,095.3 million

A recent report said total banking investments in the UAE hit the Dhs396.2-billion mark.

Bank deposits saw a rise of 4.6 per cent year-on-year, with a total of Dhs1.8 trillion in November 2019 compared to Dhs1.74 trillion for the same month in 2018.

Total banks’ reserves at the Central Bank were Dhs309.6 billion, representing a 9.2 per cent increase year-on-year.

In this context, the National Bank of Ras Al Khaimah, RAKBANK, announced a consolidated net profit of Dhs1,095.3 million for 2019, increasing by Dhs177.7 million over the previous year.

According to the Bank on Wednesday, the growth in its net profit was driven by the improved net interest income, an increase in the net income from Islamic financing and the non-interest income along with a reduction in the provisions for credit loss for the year.

As on 31st December 2019, the total assets stood at Dhs57.1 billion, a rise of 8.4% compared to 31st December 2018.

The Board of Directors recommended a distribution of cash dividend of 30 fils per share for the shareholders’ consideration and approval at the Annual General Meeting.

Commenting on the announcement, RAKBANK CEO Peter England said, “2019 represented a milestone for RAKBANK with total income reaching close to Dhs4 billion for the first time in the Bank’s history. We also saw a significant boost in our fee income line to reach an all-time high of Dhs1.18 billion. The results of our significant shift in strategy that we set out on in 2015 to diversify the Bank’s earnings base continue to deliver market leading results.”