Arab Bank Group reports nine months 2020 net profit of $215.2 million

Arab Bank Group reported net income after tax of $ 215.2 million for the nine months of 2020 as compared to $668.9 million for the prior period, recording a drop of 68%. The fall in the profits is attributable to the build up of higher provisions, driven by current and forecasted economic conditions, and reflects the deterioration in the macro-economic environment in the region and globally, and to lower revenues from interest and fee income because of the impact of the Covid-19 outbreak and lower market interest rates and weakening…

RAKBANK Reports Nine Months Ended 30 September 2020 Net Profit of AED 438.6 million

United Arab Emirates, 22 October 2020: The National Bank of Ras Al-Khaimah (“RAKBANK”) announced a consolidated net profit of AED 438.6 million for the nine-month period ended 30 September 2020. Third quarter earnings were lower due to reduced income resulting from a subdued loan demand and higher IFRS 9 provisions that are set aside as precautionary measures to combat the economic impact of COVID-19. For the nine months ended September 30, 2020, the Bank’s Total Income of AED 2.8 billion was down by AED 241.9 million on a year-on-year basis…

RAKBANK Reports H1 2020 Net Profit of AED 306.6 million

United Arab Emirates, 05 August 2020: The National Bank of Ras Al-Khaimah (“RAKBANK”) has announced a consolidated Net Profit of AED 306.6 million for H1 2020, a decrease of 44.7% compared to the first half of 2019 due to higher IFRS 9 provisions that are set aside as precautionary measures to combat the possible economic impact of COVID-19. Total Income of AED 1.9 billion for H1 2020 was down by 4.5% on a year-on-year basis. As at 30 June 2020, Total Assets stood at AED 54.3 billion, decreasing by 5.1%…