RAKBANK's net profits grow to AED 532m in 9M

Abu Dhabi – Mubasher: National Bank of Ras Al Khaimah (RAKBANK) reported AED 532.476 million net profits attributable to the owners during the first nine months of 2021, up from AED 436.044 million in the year-ago period, according to the interim financials for the period ended 30 September 2021.

The bank's net interest income and net income from Islamic financing declined to AED 1.621 billion in the January-September period of 2021 from AED 1.963 billion in the same period of 2020.

The bank's assets jumped to AED 54.49 billion as of 30 September 2021, compared to AED 52.77 billion as of 31 December 2020.

The basic and diluted earnings per share (EPS) settled at AED 0.32 in the first nine months of 2021, compared to AED 0.26 in the corresponding period of 2020.

During the third quarter (Q3) of 2021, the bank's net profits rose to AED 228.168 million from AED 130.89 million in the same quarter of 2020.

RAKBANK CEO, Peter England, said: "We have already surpassed our full-year 2020 profit numbers in the first 3 quarters of this year. The improvement in asset quality has come about due to the change of mix in our loan book, which we have been gradually implementing over the last few years, and also the significant improvement in the macro-economic environment due to the exemplary handling of the COVID-19 pandemic by the Leadership of the UAE."

Mubasher Contribution Time: 26-Oct-2021 13:17 (GMT)
Mubasher Last Update Time: 26-Oct-2021 13:17 (GMT)