Sunday, February 9, 2014

RAK Bank says new Islamic finance unit makes small profit

National Bank of Ras Al Khaimah, also known as RAK Bank, said on Wednesday that its new Islamic Finance unit achieved a small profit during its first year in operation.

The UAE bank said its AMAL division broke even ahead of target, recording a small profit of AED3 million ($816,792) for the year, according to Arabian Business [29 Jan 2014].

Overall growth in net profit for the year was subdued due to the bank taking a further conservative stance on provisioning, the bank said in a statement.
Total impairment charges rose to AED340.6 million from last year’s AED209.1 million.

“In 2013 RAK Bank continued to produce robust results, affirming the bank's strategy to focus on personal and SME banking, continued focus on product innovation and customer service, and generally improving market conditions,” said Peter England, RAK Bank CEO.