National Bank of Ras Al Khaimah (RAKBank) posted a 6.4 per cent rise in net profit for the third quarter of 2018, driven by ample liquidity and an increase in customer deposits, it said on Tuesday.
Net profit attributable to equity owners rose to Dh239 million ($65m) in the three months to September 30, beating the average Dh236m estimate of three analysts polled by Bloomberg.
“The ample liquidity and rise in customer deposits are reflected in the bank’s solid progress in wholesale banking, business banking, personal banking and treasury,” said RAKBank’s chief executive Peter England.
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RAKBank reports flat second quarter net profit as impairments climb
RAKBank second quarter profits up on lower impairments
UAE banking sector on its way to recovery, report says
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Banks in the Arabian Gulf are maintaining profitability this year amid an improvement in the economies on the back of higher oil prices, lower impairments and rise in credit growth.
Net income rose 1 per cent to Dh632m, RAKBank said in a filing to the Abu Dhabi Securities Exchange, where its shares are traded. Customer deposits grew 10.1 per cent year-on-year to Dh34.6 billion, and net assets grew 12.4 per cent year-on-year to Dh51.8bn.
On a nine-month basis, net profit attributable to equity owners rose 9 per cent to Dh668m, the company added.
“The trends for the nine months of 2018 are showing positive signs, and impairments are on a downward trend. The bank remains committed to its diversification strategy, which is now delivering growth in net income while lowering the bank’s risk profile.”
Impairments were reduced by Dh135.1m for the nine months of 2018, compared to the same period of 2017.
In July, RAKBank reported flat net profit at Dh226m for the second quarter of 2018 as operating expenses rose.
This year, the bank increased efforts to improve its digital offering through partnerships with the government of Ras Al Khaimah’s finance department to manage their payment gateway systems, and with Sri Lanka’s Cargills Bank and blockchain provider Ripple to improve money transfer services to Sri Lanka.
RAKBank’s capital adequacy ratio under Basel III banking regulations stood at 18.5 per cent at the end of September. “This level of capital provides the bank with ample room for growth in 2018,” the lender said.
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MATCH INFO
Uefa Champions League quarter-final, second leg (first-leg score):
Manchester City (0) v Tottenham Hotspur (1), Wednesday, 11pm UAE
Match is on BeIN Sports
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The biog
Favourite book: Men are from Mars Women are from Venus
Favourite travel destination: Ooty, a hill station in South India
Hobbies: Cooking. Biryani, pepper crab are her signature dishes
Favourite place in UAE: Marjan Island
PFA Team of the Year: David de Gea, Kyle Walker, Jan Vertonghen, Nicolas Otamendi, Marcos Alonso, David Silva, Kevin De Bruyne, Christian Eriksen, Harry Kane, Mohamed Salah, Sergio Aguero
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
The%20specs%20
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The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Five films to watch
Castle in the Sky (1986)
Grave of the Fireflies (1988)
Only Yesterday (1991)
Pom Poki (1994)
The Tale of Princess Kaguya (2013)
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
