RAKBANK registers 50% higher profits in 2021

Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAKBANK) recorded a 50% year-on-year (YoY) rise in net profits to AED 758.3 million in 2021, compared to AED 505.4 million, as shown by the bank's consolidated financials for 2021.

The bank's net Interest Income and net income from Islamic financing increased by 14.1% to AED 2.168 billion in 2021 from AED 2.525 billion in 2020.

Meanwhile, the bank’s total assets increased by 6.7% to AED 56.3 billion during 2021 from AED 52.77 billion in the previous year.

The earnings per share (EPS) stood at AED 0.45 last year, against AED 0.30 in 2020.

The CEO of RAKBANK, Peter England, said: "Throughout these past years, we have seen that RAKBANK’s resilience and nimbleness enabled us to offer sound support to our customers throughout the pandemic, with the help of the country’s regulators."

The Chairman of RAKBANK, Mohamed Omran Alshamsi, commented: "Just as the UAE economy continued to swiftly rebound, RAKBANK has demonstrated a similar form of resilience in 2021 underpinned by the bank’s diversification strategy."

It is noteworthy to mention that during the first nine months (9M) of 2021, RAKBANK reported AED 532.476 million net profits attributable to the owners, up from AED 436.044 million in the year-ago period.

Mubasher Contribution Time: 02-Feb-2022 07:24 (GMT)
Mubasher Last Update Time: 02-Feb-2022 07:24 (GMT)