Mubasher: The National Bank of Ras Al Khaimah (RAKBANK) achieved a surge of 91% in net profits during the fourth quarter of 2017 compared to the same period in 2016.
Earnings increased to AED 204.2 million ($55.59 million) in Q4-17 from AED 107 million ($29.13 million) in Q4-16, according to a bourse filing to the Abu Dhabi Securities Exchange (ADX) on Monday.
During fiscal year 2017, RAKBANK reported a gain of 22% to AED 810.5 million compared to AED 663 million in FY16.
RAKBANK showed a decline of 14% in value provisions to AED 1.55 billion in FY17 compared to AED 1.8 billion in FY16.
Earnings per share increased by 22% to AED 0.48 in FY17 from AED 0.39 in the previous fiscal year.
The board members recommended a cash dividend of 30% or 30 fils per share for FY17.
