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DUBAI / WAM
The National Bank of Ras Al Khaimah (RAKBank) reported a 22 percent y-on-y jump in net profit, which reached AED810.5 million in 2017, up from AED663 million a year earlier.
“The figure puts net profit in the fourth quarter of 2017 at AED204.2 million, close to twice the AED108.7 million in net profit in the same quarter of 2016,†said a report.
The report said that the bank attributed the gains to lower impairment costs, a stronger product pipeline, new partnerships and the revamp of some areas of its business. In its management report, RAKBank said its upcoming three-year strategic plan will focus on achieving sustainable growth, resilient income streams, and stable cost structures. The board of directors proposed a dividend of 30 fils per share, the same dividend as that of last year.
“The increase of AED148 million in net profit is mainly due to a decrease of AED255 million in the provision for
impairment in loans,†said Peter England, the Bank’s Chief Executive Officer.