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
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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