Abu Dhabi – Mubasher: RAKBank has posted a 32% increase in net profits during the first quarter of 2018, registering AED 204 million ($55.54 million), compared to AED 154.7 million ($42.11 million) in the year-ago period.
The bank’s provision for impairment dropped 17% to AED 364.2 million versus AED 440.7 million in Q1-18, according to a bourse statement released on Sunday.
Operating expenses declined around 2% year-on-year to AED 345.43 million in the first three months of the year.
Meanwhile, loans increased by 7% year-on-year to AED 31.6 billion, the state-owned bank revealed.
In March, RAKBAN’s ordinary general meeting (OGM) approved the distribution of AED 502.9 million in cash dividends, with a per-share dividend of AED 0.3.
