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220 million dirhams, profit from «Ras Al Khaimah National» with a growth of 93%

The National Bank of Ras Al Khaimah announced a consolidated net result of 220.1 million dirhams for the first quarter of 2022, an increase of 93.1% over the first quarter of 2021. Total revenue amounting to 726.9 million dirhams decreased by 8.3% over last quarter of 2021. While total assets reached 31 March 2022, it reached 58.6 billion dirhams, an increase of 10.1% year-on-year and 4.1% year-on-year -date.

Rahel Ahmed, CEO of RAKBANK, said: “Our diversification strategy continues to yield good results. The net result for the first quarter of 2022 amounted to 220.1 million dirhams, an increase of 93.1% compared to the first quarter of 2021. ” He added: “This significant increase is due to the improvement in the return on equity of 460 basis points to 10.5% and the increase in the return on assets to 1.6%, while maintaining one of the highest coverage ratios for non-performing loans in the sector. at 138%. “

Ahmed explained that “the bank experienced a decline in non-interest income due to the decline in foreign exchange trading, derivatives and investment income. However, we do not expect this to be repeated in the coming quarters. The balance sheet is experiencing strong momentum across all business areas, which is clearly demonstrated by 9.3% year-on-year growth in gross lending and lending. We have also seen an increase of more than 20% year-on-year in the level of digital interaction with customers and double-digit growth in both customer consumption and customer payments compared to the first quarter of 2021. ”

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