Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAKBank) has posted a 25% year-on-year hike in profits attributed to the bank’s owners during the first nine months of 2019, recording AED 839.1 million.
The bank ascribed the increase in profit to the increase in operating income and the decline in asset devaluation provision, according to a bourse statement released on Wednesday.
Operating income grew by 6% to reach AED 2.99 billion from January to September 2019, compared to AED 2.83 billion in the year-ago period.
Asset devaluation provision declined by 6% to AED 983.9 million in the January-September period, from AED 1.05 billion a year earlier.
As for the quarter, profit attributed to the owners of the bank surged 19.12% to AED 284.6 million in the third quarter of 2019, against AED 238.9 million in the corresponding period last year.
RAKBank reported a 25.7% year-on-year increase in its net profit for the second quarter of 2019. Net profit reached AED 284.8 million in the three-month period ended 30 June 2019, compared to AED 226.6 million in Q2-18.
