UAE’s RAKBANK reports 44.7% dip in net profit for H1 2020
- Date: 06-Aug-2020
- Source: Gulf Business
- Sector:Financial Markets
- Country:UAE
UAE’s RAKBANK reports 44.7% dip in net profit for H1 2020
RAKBANK has reported a consolidated net profit of Dhs306.6m for H1 2020, a decrease of 44.7 per cent compared to the first half of 2019.
The decline in net profits were registered due to higher IFRS 9 provisions set aside as precautionary measures to combat the possible fallout of the Covid-19 pandemic.
The bank also recorded total income of Dhs1.9bn for H1 2020, down by 4.5 per cent from Dhs1.99bn on a year-on-year basis, mainly due to the decrease in non-interest income by Dhs72.9m and the decline of