RAK Bank Q1 profit up 11% as interest income rises

Non-interest income dropped 28 percent due to impact of regulatory restrictions

Non-interest income dropped 28 percent.

Non-interest income dropped 28 percent.

National Bank of Ras Al-Khaimah, a UAE lender, said first-quarter profit rose 11 percent, helped by higher interest income and lower impairment charges.

Net income rose to AED325.3m (US$88.6m), the bank said in a statement to the Abu Dhabi bourse today. Profit was AED293m in the year-earlier period, according to data compiled by Bloomberg.

Interest income grew 21 percent to AED538m, while impairment charges fell to AED60.5m, the bank said. Non-interest income dropped 28 percent to AED154.3m because of the “impact of regulatory restrictions imposed since May 2011 on fees and charges,” according to the statement.

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Accounting meets religion in challenge for Islamic banks

Accounting meets religion in challenge for Islamic banks

Reconciling accounting standards and religious principles is...

Banking on reforms in Kuwait

Banking on reforms in Kuwait

As Kuwait stares down its first deficit in 20 years, the Gulf...

Saudis face dilemma between size and pricing in debut bond sale

Saudis face dilemma between size and pricing in debut bond sale

Riyadh is under pressure to maximise the size of its international...

Most Discussed
sponsoredTracking