Abu Dhabi – Mubasher: The consolidated financial results of the National Bank of Ras Al Khaimah (RAKBANK) showed a 53.9% drop in net profits to AED 505.4 million in 2020, compared to AED 1.095 billion in  2019.

The bank's net interest income decreased by 9.9% to AED 2.525 billion in 2020 from AED 2.802 billion in the previous year.

The bank's total assets reached AED 52.8 billion as at December 2020, down 7.6% from AED 57.1 billion as at December 2019.

The earnings per share (EPS) settled at AED 0.30 in 2020, versus AED 0.65 in 2019.

During the fourth quarter (Q4) of 2020, the bank's net profits plunged by 73.9% to AED 66.7 million from AED 255.9 million in the year-ago period.

Meanwhile, the bank's board recommended a cash dividend distribution, equivalent to 15% of the share capital or 15 fils per share.

Commenting on the bank's performance, RAKBANK CEO, Peter England, said: "When the global pandemic struck at the beginning of 2020, the Bank activated its Business Continuity Plan. We focused on maintaining our business-critical activities and the collective wellbeing of our workforce, customers, and all stakeholders."

Meanwhile, RAKBANK’s Chairman, Mohamed Omran Alshamsi, remarked: "Economic activity in the UAE is in a gradual recovery phase as businesses return to normalcy especially the business segments catered to by RAKBANK. The Bank remains cautiously optimistic about 2021 and will continue to stay vigilant."

It is noteworthy to mention that in the third quarter (Q3) of 2020, the bank's net profits declined to AED 130.89 million from AED 284.62 million in the corresponding quarter of 2019.