performance-driven culture in our people and provide a customer journey that is Council. plan The total capital adequacy ratio as per Basel III at year-end The growth in RAKBANK’s net profit for 2019 was supported by a year-on-year drop in the Bank’s provision for credit loss by AED 107.9 million which again demonstrates the effectiveness of our diversification strategy and continual focus on asset quality. foreseeable future. The RAKBANK Simplify Commerce service allows merchants to generate and send secure payment links to customers to collect payments online, thereby encouraging social distancing. priority. RAKBANK, a leading bank in the region, and Mastercard today announced the launch of a comprehensive product suite of corporate payment solutions that include a Corporate Purchase Card, Corporate T&E Card and B2B Virtual Card that allows corporates to seamlessly manage their accounts payables with higher savings, efficiency, integrated reporting and greater control. customer segments as we continue to deepen our relationships with each and every Headquarter. He speaks on Rakbank CEO Says Number of Branches Right for Our Size - Video - BNN The event’s keynote speaker, Mr Khalid Banizama – Director of Industrial Development at the Abu Dhabi Department of Economic Development (ADDED), kick started this year’s Business Conclave with top level information on how ADDED supported SMEs and will continue to do so throughout the year. The Non-Performing Loans and Advances to Gross Loans and Advances ratio closed at 4.5% compared to 4% as at 31 December 2019. Also, during the height of this health crisis the Central Bank of the UAE (CBUAE) reduced its Reserve requirement against CASA balances by 50% and announced the comprehensive support program, also known as the TESS program (Targeted Economic Support Scheme). wallet of Mass. Customer Deposits increased by AED 2.7 billion, a 7.9% increase compared to 2018. In case customers still need to visit the Bank’s branches or use ATMs / EDMs, they are being sanitized regularly and hand sanitizers are available. In addition, the Cash and Central Bank balances increased by AED 882.8 million. Business Conclave culminated with an interesting panel discussion and a Q&A session, which revolved around information relevant to SMEs, Covid-19 and the broader economy. Lastly, the Bank will also forgo the ‘per transaction fixed fee’ for using Skiply platform to support schools during these inconvenient times. competitive Effective immediately, RAKBANK made a commitment to work with individual customers, SMEs and large corporates on a case-by-case basis to provide flexible solutions to help them manage through challenges such as pay disruption due to COVID-19 or those customers facing illness from the virus. Chat Live with our customer service representative for queries and support. The Skiply App is a highly safe and secure platform that offers real-time updates and integrates with school systems to make all school-related payments digitally. The extensive Economic Journal serves as an independent view on investment markets and we continue to enhance our products and solutions to help our customers achieve their financial goals.”. The Bank recognizes the importance of creating a supportive ecosystem during this pandemic for SMEs by equipping them with useful information, tools and solutions that assist them in running their operations efficiently, effectively and sustainably. RAKBANK CEO, Peter England, commented: “While the increased IFRS 9 provisions at RAKBANK have weighed down on our net profit, our overall performance for the 1st half was solid. The regulatory eligible liquid asset ratio was 12.9% at the end of December 2019 well above the minimum requirement of 10.0%. trading activity to generate additional revenue streams, Leverage partnership with Fintechs/ business The dividend distribution will result in approximately 46% of Group’s net profit being paid out. partners to launch innovative, first-to-market solutions, “Given the economic challenges the global economy the December month I send money , but the 15.75 aed should be credited back on January . The Personal Banking’s loan portfolio decreased by AED 1.8 billion and the Business Banking’s loan portfolio also declined by AED 1.1 billion compared to 30 September 2019. The Bank’s Total capital adequacy ratio as per UAE Central Bank regulations stood at 16.8% at the end of December 2019. shrinkage in the scale of necessary provisioning. Whether you are using eDirham as an individual or an organization, you will fully enjoy the convenience of cashless payments that are fast, simple and secure. In preparing for 2020 – the third The new regulations, known as UAE Insurance Authorities’ Board of Directors Decision 49 (BOD 49) of 2019, will make the new life insurance policies more transparent and customer-focused, while making insurance companies as well as distributors’ more accountable and responsible to the customers. SMEs are widely considered to be a key sector driving the country’s economic growth, profits. Total Assets decreased by AED 4.8 billion to AED 52.3 billion compared to 31 December 2019 with the major reduction resulting from customer Loans & Advances, down by AED 3.7 billion and Central Bank of the UAE balances also decreased by AED 1.2 billion offset by an increase in balances due from banks by AED 1.2 billion. We also saw a significant boost in our fee income line to reach an all-time high of AED 1.18 billion. bank-wide Innovation programme. “We are continuously monitoring the developments of COVID-19 and are always prepared to support our customers facing financial hardship or loss of income due to its economic impact on individuals, SMEs and corporates, including elimination or reduction of many fees and rates. technologies to enhance our digital delivery capabilities. Although people recognize the need to protect themselves and their families, life cover penetration remains low due to a disconnect between what they know they should be doing and taking steps to put cover in place. plan and the benefits of the changes we but not yet received . As a Bank, we strive to continually introduce new products and solutions that will assist our customers not just financially, but in direct support of their business objectives of efficiently managing expenses and taking advantage of unique deals and solutions. United Arab Emirates, 22 December 2019: The National Bank of Ras Al Khaimah (RAKBANK) announced today that it is one of the pioneer Banks to sign a service agreement for UAE PASS, a National Digital Identity and Digital Signature solution for the UAE. The Bank will also promote the region’s biggest indoor multipurpose arena as the key entertainment hub in Dubai to all its valued customers, facilitating access to best-in-class entertainment. Saeed Rashid Al Yateem, Assistant Undersecretary of Resource and Budget Sector at MoF said:  This is why we have leveraged state of the art digital capabilities, in order to support the selection of products and services that meet RAKBANK customer’s individual insurance needs. The FC Barcelona Prepaid Card offers customers a smarter and more seamless transaction option. UAE PASS is a fundamental enabler for digital transformation initiatives, and a contributor towards achieving the goals of UAE Vision 2021, UAE Centennial 2071, and sustainable development. Customer deposits increased by 7.9% to AED 36.8 billion, with growth derived mainly from a rise of AED 2.2 billion in CASA Deposits (AED 1.9 billion increase in current account deposits, & 0.3 billion increase in Savings and Call deposits). Background. The Non-Performing Loans & Advances to Gross Loans & Advances ratio closed at 5.1% compared to 4.0% as at 31 December 2019 as a repercussion of the decline in Loans & Advances. The project was designed by Brewer Smith Brewer Group. Provision charge for credit loss continued its downward trajectory during 2019, decreasing by AED 107.9 million (FY 2019 Vs FY 2018) which is a 7.6% decline year-on-year. Total Assets increased by AED 2.6 billion or 4.6% year-to-date and by AED 6.2 billion year-on-year. our In essence, it is a composition of brilliant features that allows for UAE residents to securely store and access their personal information digitally. Board Member since 2015. The handover process was completed in 2010. walking, 2019. RAKBANK’s CEO, Peter England said: “We want to bring peace of mind to the Bangladeshi expat community in these challenging times by offering them a unique and comprehensive remittance solution via the Bank’s RMT services. Net Interest Income and Net Income from Islamic Finance for the year 2019 was AED 2.8 billion, growing by 1.2% year-on-year. 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