RAKBANK Group reports AED 839.4 million in net profit for nine months
The National Bank of Ras Al Khaimah, RAKBANK, Group has announced a consolidated net profit of AED 839.4 million for the nine-months period ended 30 September 2019, a growth of 24.9% year-on-year.
The third quarter of 2019 generated a profit of AED 284.5 million, an increase of 18.5% year-on-year. The Gross Loans & Advances have grown by 4.3% year-to-date to AED 36.3 billion.
Commenting on the results, Peter England, CEO of RAKBANK, said: "We achieved another very good result with total income for the third quarter of 2019, exceeding AED 1 billion and net profit reaching AED 284 million, which was an 18.5% increase over the same period of last year. Looking at the year-to-date results, net profit increased by 24.9% to AED 839 million on the back of strong income growth and a continued reduction in provisions despite a challenging external environment.
Total Income grew by 5.8% compared to the same period last year and stood at close to AED 3.0 billion for the first nine months of 2019. The stand out performer of the year continues to be fee income, with all business units recording solid growth in this area relative to their performance in 2018, leading to a 17.9% increase in this line. Our Gross Loans and Advances increased by 3.4% year-on-year, which was mainly driven by Wholesale Banking and Financial Institutions Group segments. Diversification of our balance sheet whilst retaining a firm commitment to the SME sector has been at the heart of our strategy over the last 5 years and the results of this continues to bear fruit in terms of sustained income growth and lower provisions.
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