RAKBank charts post-Covid-19 recovery as Q1 net profit slides

SourceThe National
SectorFinancial Markets

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

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