RAKBank 2019 net profit at Dh1.09b

Dubai: The National Bank of Ras Al-Khaimah (RAKBank) had consolidated net profits of Dh1.09 billion in 2019, up 19.4 per cent (or Dh177.7 million) year-on-year. The growth in net profit was driven by improved net interest income, an increase in net income from Islamic financing, and non-interest income, as well as a reduction in provisions for credit loss.

As at year-end, the total assets stood at Dh57.1 billion, a rise of 8.4 per cent from 2018. The Board of Directors has recommended a cash dividend of 30 fils per share for shareholder approval at the Annual General Meeting (AGM).

“2019 represented a milestone for RAKBank, with total income reaching close to Dh4 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 Dh1.18 billion,” said Peter England, CEO.

Provisionc ontinued its downward trajectory, decreasing by Dh107.9 million last year compared to 2018. The non-performing loans (NPL) and advances to gross loans and advances ratio closed at 4 per cent compared to 4.2 per cent at year-end 2018.

Total capital adequacy ratio stood at 16.8 per cent at the end of December last. The Common Equity Tier 1 ratio stood at 15.7 per cent.