Abu Dhabi-Mubasher: National Bank of Ras Al Khaimah (RAK Bank) reported a 17% profit decline to AED 316 million ($86.28 million) in the fourth quarter of 2015, compared to AED 382 million ($103.97 million) in the same quarter of 2014, according to a bourse filing on Wednesday.
In the fiscal year 2015, net profits went down 3.1% to AED 1.40 billion from AED 1.45 billion in the fiscal year 2014.
Net interest income reached AED 3.04 billion in FY15, a rise of 11% from AED 2.75 billion in FY14.
Gross loans and advances grew 11% to AED 28.54 billion by the end of FY15, compared to AED 28.80 billion by the end of FY14.
Deposits increased 13% to AED 28.82 billion during the period, compared to AED 24.65 billion.
During a meeting on 2 February, the board recommended a 50% cash dividend for FY15, which is subject to obtaining final approval from the UAE Central Bank.
The board resolved to hold the ordinary general meeting on 17 April.
