Abu Dhabi – Mubasher: National Bank of Ras Al Khaimah (RAK Bank) reported a 65.4% profit decline year-on-year in the fourth quarter of 2016, according to a bourse statement.
Profits reached AED 108.8 million ($29.6 million) in Q4-16, compared to AED 315 million (85.7 million) in Q4-15.
In 2016, profits fell 49% to AED 663 million from AED 1.405 billion recorded in 2015.
The company generated operating revenues of AED 3.84 billion in 2016, down 3% from AED 3.94 billion in 2015.
