The National Bank of Ras Al-Khaimah, also known as RAKBank, expects to see continual improvement in the coming months with sustained income growth and lower provisions after posting a net profit of AED306 million in the first half of 2021.
CEO Peter England described Q2 as a “very strong quarter for us” after posting net profit of AED192.1, up 25.4 percent on the year-earlier period.
This positive trajectory was also reflected in the bank’s total income for the second quarter of 2021, amounting to AED831.8 million, up 3.9 percent compared to the first quarter of 2021.
Total income for the first half of 2021 stood at AED1.6 billion while total assets amounted to AED54.3 billion, the bank said.
England (pictured below) said: “Q2 2021 has been a very strong quarter for us. We have seen total income commence growth again after a number of quarters of decline since the beginning of the pandemic. This is a crucial turning point for us as we see growth in our loan book and customer deposit and that is a very positive sign.
“Additionally, our provisions for this quarter are the lowest they have been for many years as we see the re-balancing of our portfolio, which we have undertaken over the years, bear very positive results.”
England added: “Our strong Q2 result marks the beginning of a turnaround for RAKBank after a very challenging 12 months when the pandemic commenced in March last year… We expect to see continual improvement in the coming quarters with sustained income growth, lower provisions and sound cost control.”
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