National Bank of Ras Al Khaimah reported a more than threefold increase in its fourth-quarter net profit as provisions for loans and advances dropped amid continued economic recovery.
Net income for the three months to the end of December climbed to Dh223.6 million ($60.92m) from Dh66.7 million a year earlier, RAKBank said in a statement on Tuesday.
Impairment charges for the quarter dropped to Dh197.7m from Dh377.1m recorded at the end of the fourth quarter of 2020.
The lender's full-year 2021 net income climbed 50 per cent year on year to Dh758.3m, while provision charges for loan losses decreased more than 35 per cent annually to Dh1.07 billion for the 12-month period.
“RAKBank had a strong finish to 2021, driving net profit for the year," said Peter England, RAKBank's chief executive.
"Income growth has been a challenge in 2021 as a result of very little business activity during 2020. However, we saw this gradually turn around as the year progressed and the business momentum in the second half of 2021 reflected positively on the bank’s performance."
The bank's asset quality has improved significantly and its provisions for 2021 were the "lowest they have been in the past six years" helped by a strong rebound in the economy, he said.
"We continue to transform our bank with a focus on simplification, digitalisation and building a culture of excellence," Mr England said.
The bank’s total assets reached Dh56.3 billion at the end of last year, a 6.7 per cent increase over 2020. Its gross loans and advances climbed 6.1 per cent for the period to Dh34.2bn, while customer deposits grew by 1.9 per cent to Dh37.6bn.
The return on average assets ratio closed the year at 1.4 per cent compared with 0.9 per cent for the previous financial year, while return on average equity was 9.5 per cent, up from 6.5 per cent in 2020, it said.
The bank's board has recommended a cash dividend of 22.5 fils per share subject to shareholders’ approval.
In December, RAKBank announced the appointment of Raheel Ahmed as its new chief executive, replacing Mr England, who is retiring to Australia after leading the bank for eight years.
With 30 years' banking experience in Africa, the Middle East, Europe and Asia, Mr Ahmed is joining RAKBank from Barclays UK, where he was a member of the executive committee and chief product and analytics officer, the bank said in a statement at the time.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Sheer grandeur
The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.
A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham v Ajax, Tuesday, 11pm (UAE).
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Games on BeIN Sports
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KILLING OF QASSEM SULEIMANI
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Cry Macho
Director: Clint Eastwood
Stars: Clint Eastwood, Dwight Yoakam
Rating:**
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Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
Company%20Profile
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All or Nothing
Amazon Prime
Four stars
The bio
Favourite book: Kane and Abel by Jeffrey Archer
Favourite quote: “The world makes way for the man who knows where he is going.” - Ralph Waldo Emerson, American essayist
Favourite Authors: Arab poet Abu At-Tayyib Al-Mutanabbi
Favourite Emirati food: Luqaimat, a deep-fried dough soaked in date syrup
Hobbies: Reading and drawing
THE BIO
Age: 33
Favourite quote: “If you’re going through hell, keep going” Winston Churchill
Favourite breed of dog: All of them. I can’t possibly pick a favourite.
Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?
Favourite colour: All the colours that dogs come in
Sly%20Cooper%20and%20the%20Thievius%20Raccoonus
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