Abu Dhabi – Mubasher: The net profits attributable to the owners of National Bank of Ras Al Khaimah (RAKBANK) decreased to AED 113.31 million in the first quarter (Q1) of 2021 from AED 153.099 million in the same quarter of 2020, according to the bank's interim financials for the three-month period ended 31 March 2021.

The bank recorded a net interest income and net income from Islamic financing of AED 531.746 million in the January-March period of 2021, down from AED 696.119 million in the year-ago period.

The bank's total assets rose to AED 53.231 billion as of 31 March 2021 from AED 52.772 billion as of 31 December 2020.

The basic and diluted earnings per share (EPS) settled at AED 0.07 in Q1-21, against AED 0.09 in Q1-20.

The CEO of RAKBANK, Peter England, said: "RAKBANK is on a recovery path post COVID and will continue to maintain that trajectory while retaining healthy capital levels."

England added: "During the upcoming quarters, the Bank will continue to focus on deepening its customer relationships across business verticals by enhancing its digital capabilities and platforms, with the aim of providing exceptional banking solutions to meet the rapidly changing needs of those we serve."

It is noteworthy to mention that in 2020, the consolidated financial results of RAKBANK showed a 53.9% drop in net profits to AED 505.4 million, compared to AED 1.095 billion in  2019.