RAKBANK profit rises to $206mln in 2021

RAKBANK profit rises to $206mln in 2021

RAKBANK’s profits were up by 50 percent in 2021, increasing to AED 758.3 million ($206 million) from AED 505.4 million in 2020.

The bank’s revenue for the year fell to AED 3.23 billion from AED 3.56 billion in 2020. According to its chairman, Mohamed Omran Alshamsi, the bank had experienced a turnaround in the second half of 2021.

“RAKBANK’s financial performance this past year yielded tangible results despite the operating environment of 2021.

“Looking back, during the first half of the year, the UAE economy was recovering from the impacts of COVID-19. However, the second half resulted in a complete turnaround, and this applied to RAKBANK as well,” Alshamsi said.

Alshamsi said the bank had been focusing on digitalisation to drive efficiency. He also announced that new CEO Raheel Ahmed had completed his handover period and had assumed responsibilities after being appointed to replace Peter England at the end of 2021.

RAKBANK’s profit for the fourth quarter of 2021 was AED 223.6 million, following a profit of AED 66.7 million in Q4 2020. The bank’s revenue for Q4 of 2021 was AED 792.4 million, compared to AED 807.6 million in the same quarter in 2020.

The board proposed a cash dividend of 22.5 fils per share.

(Writing