RAS AL KHAIMAH, (Pakistan Point News - 03rd Feb, 2021) The National Bank of Ras Al Khaimah (RAKBANK) has announced a consolidated net profit of AED 505.4 million for the full-year of 2020, decreasing by AED 589.9 million over the previous year.
In a statement on Wednesday, RAKBANK said, "The Bank’s results reflect the impact of the pandemic on our customers and the economy whereby Total Assets stood at AED 52.8 billion, decreasing by 7.6 percent over 2019, and Gross Loans and Advances closed at AED 32.2 billion, down by 11.2 percent over the previous year.
"However, business fundamentals remain strong with Deposits growing by 0.3 percent including the CASA growth of AED 5.1 billion (22.3 percent). The Return on Average Assets ratio closed the year at 0.9 percent compared to 2.0 percent for the previous year and Return on Average Equity was 6.5 percent, compared to 14.9 percent in 2019.
"The board of Directors recommended a distribution of cash dividend of 15 percent of the share capital (15 fils per share) for the shareholders’ consideration and approval at the Annual General Meeting (AGM)."
RAKBANK CEO, Peter England, commented, "The efforts of recent years to diversify our balance sheet and revenue stream delivered strong results in the first couple of months of 2020. Our Treasury business displayed an increase in operating profits year on year. Additionally, our income from investments recorded significant revenue growth as compared to the previous year.
"When the global pandemic struck at the beginning of 2020, the Bank activated its Business Continuity Plan. We focused on maintaining our business-critical activities and the collective wellbeing of our workforce, customers and all stakeholders."
