National Bank of Ras Al-Khaimah has announced a consolidated net profit of 153.5 million dirhams for the first quarter of 2020, a decrease of 43.2% from the first quarter of 2019, due to the increase in provisions in accordance with IFRS 9.
The bank said in a statement yesterday that these allocations were put in a precaution to combat the economic impact of the emerging corona virus "Covid-19".
The President of the National Bank of Ras Al-Khaimah, Peter England, said that the months of January and February were exceptional for the bank, which was heading towards recording the best quarterly ever, until the outbreaks of the Corona virus began to accelerate.
He continued: «Despite that, our operating performance for the first quarter of the year remained strong, but we, like most international banks, had to increase a proactive arbitration margin on the bank’s allocations according to the International Financial Reporting Standard No. (9), in anticipation of future challenges, which led to To calculate additional provisions that exceeded the threshold of 130 million dirhams for the current quarter ».
England stressed that the National Bank of Ras Al-Khaimah is in a good position to meet the current challenges, through a very high level of capitalization, liquidity and contingent provisions, which places it in a strong position that allows it to provide assistance to its clients during these very difficult times.
According to the financial results, the bank has achieved a rise in operating profit, for the first quarter of 2020, by 17.4 million dirhams, and an increase in total revenue of 20.6 million dirhams.
The bank data showed that the total assets, as of March 31, 2020, amounted to 59.8 billion dirhams, an increase of 11.7% on an annual basis, and 4.6% to date. The total loans and advances amounted to 36.2 billion dirhams as of March 31, 2020, an increase of 4.5% over Annual basis.
59.8
Billion dirhams total assets of the bank, as of March 31, 2020.