UAE’s RAKBANK posts 3% drop in FY15 net profit

National Bank of Ras Al Khaimah (RAKBANK), one of the largest banks in the United Arab Emirates (UAE), reported a net profit of AED 1.41 billion for the 2015 fiscal year, a three percent year-on-year (YoY) decline.

The Abu Dhabi-listed lender witnessed a 77 percent increase in provisions for impairment over the period, it said in a bourse statement, adding that its operating profit increased 20 percent without the provisions.

Total income rose 11 percent YoY to AED 3.93 billion, while total assets were 16 percent to AED 40.55 billion.

The company did not disclosure financial results for Q4-2015.

Earlier this month, the company announced it would slash 250 local jobs as part of a restructuring plan.