Dubai: The National Bank of Ras Al Khaimah (RAKBank) on Sunday reported a net profit of Dh1 billion for 2010, an increase of 38.1 per cent compared to 2009.
The bank's net interest income rose to Dh1.61 billion, up by 30.9 per cent over 2009. Total loans and advances as of December 31, 2010 stood at Dh16.4 billion up 22 per cent over 2009 and total assets increased to Dh21.4 billion, the bank said in a statement to Abu Dhabi Securities Exchange.
The bank's loan loss provisions in 2010 increased by 7.1 per cent to Dh269.8 million compared to Dh251.9 million in the previous year. The impairment charges for the fourth quarter of last year was down to Dh59.5 million compared to Dh81.3 million in the same period in 2009.
The board of directors has recommended a 20 per cent cash dividend.
