National Bank of Ras Al-Khaimah (RAKBANK) posted a 43.2% decline in net profit for the first quarter of 2020 to reach AED 153.5 million.
According to Arabia Net, the bank attributed this decline to the increase in provisions in accordance with IFRS 9, indicating that these allocations were made in a precautionary manner to combat the economic impact of HIV. Corona Novelty.The bank added, in a statement, that the total revenues remained stable and amounted to 0.1 billion dirhams on an annual basis, an increase of 2.1% over the last quarter of 2019. < / p> As at March 31, 2020, the total assets amounted to AED 59.8 billion, with an increase of 11.7% on an annual basis and 4.6% to date.
Peter England, CEO of the National Bank of Ras Al-Khaimah said: The months of January and February were exceptional for the National Bank of Ras Al-Khaimah and we were heading towards recording the best quarterly ever, to If the outbreaks of the Corona virus began to accelerate. Nevertheless, our operating performance for the first quarter of the year remained strong. But we, like most international banks, had to increase a proactive arbitration margin on the bank’s allocations according to IFRS 9 in anticipation of the upcoming challenges, which led to the calculation of additional provisions that exceeded the threshold of 130 million dirhams for the current quarter. The National Bank of Ras Al-Khaimah is in a good position to meet the current challenges through a very high level of capitalization, liquidity and prudential provisions, which places us in a strong position that allows us to provide assistance to our clients during these very difficult times.
