United Arab Emirates: RAKBANK successfully concluded its Annual General Meeting (AGM) today at its headquarters in the emirate of Ras Al Khaimah, where the distribution of a cash dividend of AED 30 fils per share for the financial year ended 31 December 2018, which amounts to 30% of the Bank’s paid-up capital. The dividend recommendations will result in 54.8% of Group’s net profit being paid out.
During the meeting, attendees unanimously approved all agenda items including the Bank’s consolidated balance sheet and profit and loss statements for the financial year ended 31 December 2018.
RAKBANK Chairman, H.E. Mohamed Omran Alshamsi, presented a review of the year ended 31st December 2018. “We are proud to highlight the Bank’s performance for this year where we have delivered an increase in Net Profit of AED 107 million or 13.2% to reach AED 917.5 million. The Bank was successful in reducing provisions for credit losses by AED 131.8 million or 8.5%. In the course of the year, we have implemented a range of cost optimization initiatives, and we have reported a Cost-to-Income ratio of 38.9%. At the start of 2018, we introduced our latest 3-year strategic plan. The plan builds on its forerunner, which had delivered organizational restructuring, a diversification of our balance sheet, de-risking and a more complete business portfolio. We now offer a wider variety of products and services – including the Wholesale and Financial Institutions segments – allowing us to play to our traditional strengths while growing in new areas such as cross-border lending, treasury, and derivative and hedging services, among others.”
“Our strategy is focused on improving performance across business units and on innovation, giving us an edge in a competitive market. In 2018, innovation was characterized by the identification of new international remittance channels – for some of which we have employed blockchain technology; the proliferation of our contactless transaction network; partnerships with third-party technology partners, as well as with organizations such as Marketplace Scan; and the launch of new digital platforms such as the RAKBANK Business Banking mobile app. Meanwhile, we remain focused on achieving excellence in customer service, as evidenced by a host of awards,” Alshamsi added.
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About RAKBANK
RAKBANK, also known as The National Bank of Ras Al Khaimah (P.S.C), is one of the UAE’s most dynamic financial institutions. Founded in 1976, it underwent a major transformation in 2001 as it rebranded into RAKBANK and shifted its focus from purely corporate to retail and small business banking. In addition to offering a wide range of Personal Banking services, the Bank increased its lending in the traditional SME, Commercial, and Corporate segment in recent years. The Bank also offers Islamic Banking solutions, via RAKislamic, throughout its 36 branches and its Telephone and Digital Banking channels. RAKBANK is a public joint stock company headquartered in the emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX). For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via www.twitter.com/rakbanklive and www.facebook.com/rakbank .
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