International Finance

RAKBANK to close 25% of its branches across UAE

The bank will close a total of 9 branches

UAE-based National Bank of Ras Al Khaimah (RAKBANK) has announced that it will shut down around 25 percent of its branches in the UAE, the media reported.

RAKBANK will close 9 of its branches across UAE from September 3, 2020. In a statement, the bank said it will close six branches in Dubai and one each in Sharjah, Khor Fakkan and Abu Dhabi.

In Dubai, the branches located at Al Ras, Mirdiff, Marina Diamond, Al Quoz Industrial, Dubai Investment Park and Jebel Ali Free Zone will be closed, while Sharjah’s industrial area and Abu Dhabi’s Al Jazeera branches will also be shut.

RAK Bank told its customers that their IBAN and account details will remain unchanged and they can visit any of its branches for banking transactions.

“We have increased the daily withdrawal and deposit limits across all our ATMs/EDMs to reduce your visits to our branches and urge you to use these channels,” the bank said.

RAKBANK reported consolidated net profit of Dh153.5 million for the first quarter of this year, a decrease of 43.2 percent when compared to the first-quarter of 2019. The drop in profits was mainly due to higher IFRS 9 provisions set as precautionary measures to combat the economic impact of the coronavirus pandemic.

The bank reported consolidated net profits of Dh1.09 billion in 2019, up 19.4 percent  year-on-year. The growth in net profit was driven by improved net interest income, an increase in net income from Islamic financing, and non-interest income, as well as a reduction in provisions for credit loss.

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