RAKBANK Concludes its AGM
United Arab Emirates – 30 March 2020: RAKBANK successfully concluded its Annual General Meeting (AGM) today through electronic participation, where the shareholders approved the cash dividend of 30% of the Bank’s paid-up capital amounting to 30 fils per share, for the financial year ended 31 December 2019. The dividend distribution will result in approximately 46% of Group’s net profit being paid out.
Participating shareholders approved all agenda items including the Bank’s consolidated balance sheet and profit and loss statements for the financial year ended 31 December 2019.
RAKBANK Chairman, H.E. Mohamed Omran Alshamsi, commented on the Bank’s performance for the financial year ended 31st December 2019:
“We are proud to have delivered an increase in Net Profit of AED 177.7 million or 19.4% to reach AED 1,095.3 million. The Bank was successful in reducing provisions for credit losses by AED 107.9 million or 7.6%, with Total Income reaching close to AED 4 billion. Total Assets grew by 8.4% to AED 57.1 billion and Customer Deposits increased by 7.9% to AED 36.8 billion. 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 39.5%.
2019 was a very successful year for RAKBANK, however we acknowledge the extremely challenging times that we currently face globally in the light of the Covid-19 issue. At RAKBANK, we firmly support the range of initiatives undertaken by the various government entities to assist contain the spread of the virus and we will take every step possible to assist our clients in these times of need. RAKBANK remains a strong, well-capitalized institution with our capital ratios at the end of 2019 being 16.83% and CET 1 of 15.70%”