Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (Rak Bank) posted on Wednesday a net profit of AED 154.73 million ($42.12 million) for the first quarter of fiscal year 2017, 38.2% down from AED 250.01 million ($68.05 million) for Q1-16.
Operating expenses increased in Q1-17 by 2.8% to AED 351.16 million, compared to AED 341.71 million in Q1-16, according to a bourse filing released on Wednesday.
Revenues declined in Q1-17 by 4.4% to AED 946.61 million from AED 990 million for Q1-16.
