Abu Dhabi – Mubasher: The ordinary general meeting (OGM) of the National Bank of Ras Al Khaimah (RAKBANK) has approved distributing AED 502.873 million cash dividends or 30 fils per share for 2019.

The distribution of cash dividends is equivalent to 30% of the bank's paid-up capital, resulting in around 46% of the group's net profit being paid out, according to the bank's press release on Monday.

The RAKBANK's Chairman, Mohamed Omran Alshamsi, said: "2019 was a very successful year for RAKBANK; however, we acknowledge the extremely challenging times that we currently face globally in the light of the Covid-19 issue."

Alshamsi added: "RAKBANK remains a strong, well-capitalized institution with our capital ratios at the end of 2019 being 16.83% and CET 1 of 15.70%.”

It is noteworthy to highlight that in 2019, the bank's net profits climbed by 19.4% year-on-year (YoY) to AED 1.095 billion from AED 917.52 million in 2018.