national bank of ras al-khai (RAKBANK) Snapshot

The National Bank of Ras Al-Khaimah (P.S.C.), Board Meeting, Jun 09, 2013., at 09:30 Arabian Standard Time.

The National Bank of Ras Al-Khaimah (P.S.C.) reported consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company net profit was AED 367.98 million, reflecting a 13% growth over the same period last year. Net interest income was AED 570.27 million against AED 538.2 million a year ago. Net interest income and income from Islamic products to depositors AED 570.63 million compared to AED 538.2 million a year ago. Operating income was AED 752.4 million against AED 692.5 million a year ago. Basic and diluted earnings per share were AED 0.22 against AED 0.19 a year ago. Net cash generated from operating activities was AED 1,347.33 million against net cash used in from operating activities of AED 268.16 million a year ago. Purchase of property and equipment was AED 29.5 million against AED 56.9 million a year ago. Net interest income increased is due to several streams of fee income stemming particularly from auto loans, mortgages, Bancassurance, and foreign exchange services. In addition, investment income grew by 50% compared to same period last year as the bank continued to investment in quoted debt instruments. For the quarter, the company's total impairment charge stood at AED 61.43 million compared to AED 60.49 million at the end of the same quarter last year. It was well provisioned towards loan losses with a conservatively adequate loan loss coverage ratio of 65% by the end of the first quarter of 2013.

The National Bank of Ras Al-Khaimah (P.S.C.), Board Meeting, Mar 24, 2013., at 05:30 GMT Standard Time. Agenda: To discuss general business matters which has no impact on its share price.