RAKBANK reports Q1 net profit of Dhs113.9m

RAS AL KHAIMAH: The National Bank of Ras Al-khaimah ( Rakbank) announced a consolidated net profit of Dhs113.9 million for Q1, 2021, an increase of 70.8 per cent compared to Q4, 2020. As of 31 March 2021, Total Assets stood at Dhs53.2 billion, an increase of 0.9 per cent year-to-date due to enhancements in Gross Loans and Advances, lending to other banks and investments.

Total Income amounted to Dhs800.9 million, decreased by 0.8 per cent compared to Q4 of 2020. Additionally, the Operating Expenses for this quarter decreased by 10.2 per cent when compared to Q1 of 2020.

Commenting on the Bank’s financial results for Q1 of 2021, Peter England, Chief Executive Officer of the National Bank of Ras Al-khaimah, stated: “The Bank’s performance this quarter was solid and driven by a strong momentum from all of our business verticals as this was evident in the year-on-year decrease in Provision for Credit Loss by Dhs123.4 million.

“Rakbank is on a recovery path post COVID and will continue to maintain that trajectory while retaining healthy capital levels. Additionally, Rakbank’s Asset Portfolio proved its resilience and is a testament to the Bank’s sustainability and adaptability, which is clearly articulated in the diversification of our earning streams.”

Net profit improved by Dhs47.2 million compared to Q4 2020, an increase of 70.8 per cent while it decreased by 25.8 per cent year-on-year. Total Operating Income declined by Dhs 200.2 million compared to Q1 2020.