Rakbank sees 43% drop in Q1 profit due to Covid-19 impact - Arabianbusiness:
The National Bank of Ras Al-Khaimah (RAKBANK) has witnessed a 43.2 percent drop in net profit in Q1 2020 at AED153.5 million compared to Q1 2019 as a result of higher IFRS 9 provisions that are set as precautionary measures to combat the economic impact of Covid-19.
The provisions are the International Accounting Standards Board's (IASB) response to a financial crisis.
The bank’s total income of AED1.0 billion remained flat year-on-year and increased by 2.1 percent compared to Q4 2019, while its total assets stood at AED59.8bn as of March 31, 2020, having increased 11.7 percent year-on-year and 4.6 percent year-to-date.
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