Abu Dhabi-Mubasher: RAK Bank posted a 31% decline year-on-year in its first-quarter profits, according to a bourse statement.
Profits reached AED 250 million ($68.05 million) in the first quarter of 2016, compared to AED 362.2 million ($98.59 million) in the same quarter of 2015.
RAK Bank is 49% owned by the Ras Al Khaimah government.
Customers’ deposits fell 5% to AED 28.4 billion ($7.73 billion) in Q1-16, compared to AED 29.9 billion ($8.14 billion) in Q1-15.
Loans grew 7.9% to AED 28.8 billion ($7.84 billion) in Q1-16, compared to AED 26.7 billion ($7.27 billion) in Q1-15.
