RAKBank reports 25% jump in second-quarter net profit amid continued economic recovery
National Bank of Ras Al Khaimah reported a 25.4 per cent surge in its first-quarter net profit as loans and advances grew and impairment charges fell amid continued economic recovery.
Net income for the three months to the end of June climbed to Dh191.2 million ($52.1m), the bank said in a statement on Tuesday to the Abu Dhabi Securities Exchange, where its shares are traded.
Provisions for credit losses for the quarter decreased by Dh114.4m to Dh296.6m, a more than 27 per cent year-on-year drop. Loans and advances grew to Dh33.2 billion, a 3.1 per cent increase from the end of December 2020 level, the bank said.
“This is a crucial turning point for us as we see growth in our loan book and customer deposit and that is a very positive sign,” RAKBank chief executive, 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.”
The second quarter was “very strong” for the bank, with total income also growing after a number of quarters of decline since the beginning of the pandemic, he said.
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