RAKBANK reports lower profits in H1-21

Abu Dhabi – Mubasher: The net profits attributable to the owners of National Bank of Ras Al Khaimah (RAKBANK) declined to AED 304.308 million during the first half (H1) of 2021 from AED 305.154 million in the year-ago period, according to the bank's interim financials for the six-month period ended 30 June 2021.

The bank's net interest income and net income from Islamic financing decreased by 21.1% to AED 1.074 billion in H1-21 from AED 1.36 billion in the same period of 2020.

Meanwhile, the bank's total assets reached AED 54.312 billion as of 30 June 2021, compared to AED 52.772 billion as of 31 December 2020.

The earnings per share (EPS) settled at AED 0.18 in the first six months of 2021.

During the second quarter (Q2) of 2021, the bank's net profits jumped to AED 190.998 million, compared to AED 152.055 million in the corresponding quarter of 2020.

RAKBANK CEO, Peter England, said: "Our provisions for this quarter are the lowest they have been for many years as we see the re-balancing of our portfolio, which we have undertaken over the years, bear very positive results."

England added: "We expect to see continual improvement in the coming quarters with sustained income growth, lower provisions, and sound cost control. We also continue to win accolades for our customer service and will continue our focus on new digital innovation in all areas of our business."

It is noteworthy to mention that during the first quarter (Q1) of 2021, the bank's net profits attributable to the owners decreased to AED 113.31 million from AED 153.099 million in the same quarter of 2020.

Mubasher Contribution Time: 27-Jul-2021 11:02 (GMT)
Mubasher Last Update Time: 27-Jul-2021 11:02 (GMT)