Abu Dhabi – Mubasher: The consolidated interim financial results of National Bank of Ras Al Khaimah (RAKBANK) showed a 43.2% plunge in net profits to AED 153.5 million during the first quarter of 2020 from AED 270.2 million in the same period of 2019.

The bank's total assets jumped by 11.7% to AED 59.8 billion as of 31 March 2020, compared to AED 53.5 billion during the year-ago period.

The earning per share (EPS) settled ad AED 0.09 in the first three months of 2020, versus AED 0.16 in the corresponding period of 2018.

Commenting on the bank's performance, the CEO of RAKBANK, Peter England, said: "Like most banks globally we have taken pre-emptive judgemental overlays in our IFRS9 provisions to factor in the challenges that lie ahead which has led to additional provisions of just over AED 130 million for the quarter."

It is noteworthy to mention that in 2019, the bank achieved net profits of AED 1.095 billion, up 19.4% from AED 917.52 million in 2018.