Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAKBANK) reported a 19.4% year-on-year profit growth during 2019.

The lender’s net profits grew by AED 117.7 million to AED 1.095 billion last year from AED 917.52 million in 2018, according to a statement to the Abu Dhabi Securities Exchange (ADX) on Wednesday.

The rise in net profits was supported by a growth in net interest income which amounted to AED 2.802 billion in 2019 from AED 2.768 billion in the previous year.

Commenting on the financials results, RAKBANK CEO, Peter England, said, “2019 represented a milestone for RAKBANK with total income reaching close to AED 4 billion for the first time in the Bank’s history. We also saw a significant boost in our fee income line to reach an all-time high of AED 1.18 billion.”

Moreover, the bank’s provision for credit loss fell to AED 1.31 billion in 2019, compared to AED 1.42 billion in 2018.

As for the fourth quarter of 2019, RAKBANK’s net profits went up by 4.1% year-on-year to AED 255.9 million from AED 245.7 million.  

In addition, the bank’s board of directors recommended a cash dividend distribution of 30 fils per share for the year ended 31 December 2019.

It is noteworthy that during the first nine months of 2019, RAKBANK’s net profits attributed to the bank’s owners grew by 25% year-on-year to AED 839.1 million.