RAKBANK Reports AED270.2 Million Q1 Net Profit
Umer Jamshaid Published April 25, 2019 | 01:00 AM
The National Bank of Ras Al Khaimah (RAKBANK) has announced consolidated net profit of AED270.2 million for Q1 2019, an increase of 31.7 percent on Q1 2018 and by 10 percent on the previous quarter
RAS AL KHAIMAH, (UrduPoint / Pakistan Point News / WAM - 25th Apr, 2019) The National Bank of Ras Al Khaimah (RAKBANK) has announced consolidated net profit of AED270.2 million for Q1 2019, an increase of 31.7 percent on Q1 2018 and by 10 percent on the previous quarter.
Total Income of AED 1.0 billion increased by 8.5 percent YoY and by 0.9 percent on Q4 2018. As at 31st March 2019, total Assets stood at AED53.5 billion, up 9 percent YoY and by 1.6 percent year-to-date.
Commenting on the results, Peter England, CEO of RAKBANK, said, "Total income for the first quarter 2019 exceeded AED1 billion, which is only the second time in RAKBANK’s history that we have achieved such a result. This is a clear outcome of the Bank’s diversification strategy which commenced 4 years ago and is now delivering solid results.
"Non- interest income particularly was very strong for the first quarter rising to AED317 million which is an all-time high, and was achieved by impressive results across all business lines especially our Treasury and Wholesale Banking / Financial Institutions units. Our diversification strategy has also helped our provision line to graduate down by 5 percent YoY whilst retaining a coverage ratio in excess of 130 percent.
Cost to income remained stable at 38.4 percent despite being impacted by an annual true-up of VAT and some other timing differences."
On a year-on-year basis, the total Operating Income improved by AED78.4 million to AED1.0 billion. Total Operating Income was up by AED8.7 million compared to Q4 2018, mainly due to an increase in non-interest income by AED27.7 million, which was partly offset by an AED19.0 million decrease in net interest income and income from Islamic products, net of distribution to depositors, which totaled AED683.8 million.
Interest income from conventional loans and investments increased by 9.3 percent year-on-year, while interest costs on conventional deposits and borrowings increased by 41.3 percent. Net income from Sharia-compliant Islamic financing decreased by 4.0 percent and non-interest income improved by AED 65.5 million to AED 317.2 million, mainly due to an increase of AED 32.7 million in net fees and commission income and AED 31.6 million in forex and derivative income.
Related Topics
Recent Stories
Rock-solid Ruud racks up season-leading win in Barcelona
At UN, Iran says it will make Israel 'regret' reprisals
G7 hears calls for 'critical' Ukraine aid
EU seeks to leverage might to confront China, US challenge
5 Customs officials martyred as their vehicle ambushed by terrorists in D I Khan
Pak-New Zealand match called off due to rain
NHA restores traffic on roads affected by recent rains in Balochistan
China to fully support Pakistan's efforts against terrorism: Ambassador Jiang
U.S. envoy calls on Foreign Minister Ishaq Dar
Poland arrests man over suspected plan to kill Zelensky
EU wants to ease youth movement to and from UK
Police foils attempt of supply mainpuri raw material
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago