National Bank of Ras Al Khaimah reported a 26 per cent drop in first-quarter net profit but said it is on a "recovery path post-Covid".
Net profit fell to Dh113.9 million for the three months to the end of March, the bank said in a statement on Tuesday to the Abu Dhabi Securities Exchange, where its shares trade. Total income fell 20 per cent to Dh800.9m during the period.
"The bank’s performance this quarter was solid and driven by a strong momentum from all of our business verticals as this was evident in the year-on-year decrease in provision for credit loss by Dh23.4m," Peter England, chief executive of RAKBank, said.
"RAKBank is on a recovery path post-Covid and will continue to maintain that trajectory while retaining healthy capital levels."
Banks across the world faced tough operating conditions last year as the Covid-19 pandemic disrupted economic activity and tipped the world into one of the steepest recessions since the Great Depression. But many lenders have improved their financials as widespread vaccine campaigns this year spark hopes of an economic recovery.
RAKBank's first quarter net profit rose 70.8 per cent compared with the fourth quarter of 2020.
The bank's total assets fell 10.9 per cent annually to Dh53.2 billion during the first quarter, while customer deposits dropped 3.5 per cent to Dh36.5bn.
“The bank is well positioned to continue helping its customers prepare for a world beyond the pandemic and that strength is reflected in the earnings achieved this quarter,” Mr England said.
“However, the road to recovery is arduous and our priority as a national bank currently revolves around investing in our community by prioritising our customer needs and requirements."
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