RAK shareholders approved 30% cash dividend

RAKBANK successfully concluded its Annual General Meeting (AGM) on Monday through electronic participation, where the shareholders approved the cash dividend of 30 per cent of the bank's paid-up capital amounting to 30 fils per share, for the financial year ended December 31, 2019.
The dividend distribution will result in approximately 46 per cent 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 December 31, 2019.
"We are proud to have delivered an increase in net profit of Dh177.7 million or 19.4 per cent to reach Dh1,095.3 million. The bank was successful in reducing provisions for credit losses by Dh107.9 million or 7.6 per cent, with total income reaching close to Dh4 billion. Total assets grew by 8.4 per cent to Dh57.1 billion and Customer Deposits increased by 7.9 per cent to Dh36.8 billion. In the course of the year, we have implemented a range of cost optimisation initiatives, and we have reported a Cost-to-Income ratio of 39.5 per cent," RAKBANK chairman, Mohamed Omran Alshamsi, said.
"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 per cent and CET 1 of 15.70 per cent."
- Wam