The net profit of the National Bank of Ras Al-Khaimah grew during the first quarter of this year by 104.6% year-on-year, supported by increased revenues and improved provisions.
According to the bank’s statement to the Abu Dhabi Stock Exchange on Wednesday, the net profit in the first three months of 2023 was about 450.3 million dirhams ($122.6 million), compared to 220.1 million dirhams in the same quarter of last year.
The National Bank of Ras Al-Khaimah was established in 1976, and its headquarters is in the emirate of Ras Al-Khaimah, UAE. The government of the emirate owns 52.78% of the bank listed on the Abu Dhabi Stock Exchange, according to its official website.
The UAE, an oil-producing country, seeks to diversify its economy to reduce dependence on oil revenues and increase the contribution of non-oil economic activity to the country’s gross domestic product.
The bank’s revenues increased during the first quarter of the year by 47.6%, to record 1.07 billion dirhams, compared to 726.9 million dirhams in the comparative quarter.
Raheel Ahmed, CEO of the bank, said in the statement that the bank achieved record net profits with unprecedented total revenues.
He added, “Our outlook for the fiscal year 2023 remains positive, but it is cautious in light of the booming UAE economy and global economic uncertainty.”
And it was Emirates Central Bank It is expected that the gross domestic product of the UAE will grow by 4.3% during the year 2024, up from the expected 3.9% in 2023, according to what was reported by the official Emirates News Agency (WAM) last March.
Uncertainty prompted about International Economy The International Monetary Fund to reduce its forecast for global growth this year to 2.8% from 3.4% in 2022.
(Prepared by: Shaima Hefzy, for contact: zawya.arabic@lseg.com)
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2023-04-26 14:10:31
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