Operating expenses increased 5.5% year-on-year and the cost to income ratio closed at 39.5% for the year. Spending habits of consumers and businesses overall have been subdued which is reflected in the Bank’s Gross Loans and Advances, which contracted by 2.2% year-on-year. 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. According to a statement by Rakbank CEO Peter England, “The Banking institutions have a vital role to play in bolstering global companies that are in line and striving hard for the development of the blockchain technology. 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. The Non-Performing Loans and Advances to Gross Loans and Advances ratio closed at 4.0% compared to 4.2% as at 31 December 2018. 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. Panellists this year were made up of experts from various sectors and industries: Steve Barnett – Executive Director of Business Development at ADGM, Anouar Idrissi – Chief Executive Officer of Edenred, Meher Mirchandani – Managing Director of Palmon Group, Sudhir Kumar – Partner and Head of Corporate Communications of Kreston Menon Group, and lastly Dhiraj Kunwar – Managing Director of Business Banking at RAKBANK. ‘M Power’, MetLife’s digital platform, will benefit our customers through cost efficiency, convenience and accessibility. View Peter Shanks’ profile on LinkedIn, the world’s largest professional community. RAKBANK’s Chairman, H.E. The Bank’s RAKMoneyTransfer (RMT) services will now enable customers to make instant, frictionless, and secure money transfer services to any bank account in the Philippines through RippleNet. L1 6RA, Registered Office: Total Assets decreased by AED 2.8 billion or 4.9% year-to-date and by AED 2.9 billion year-on-year mainly due to the reduction in customer Loans & Advances and Cash & Balances with Central Bank. The Bank is fully committed to placing its customers’ needs first and providing them with highly convenient, secure, and simple digital banking services and this agreement helps facilitate the paperwork required. The live conference, Life Insurance Comes of Age in the UAE, was hosted by Peter England, CEO, RAKBANK and Frederic De Melker, MD of Personal Banking, RAKBANK in partnership with Dimitris Mazarakis, MetLife Gulf General Manager. Likewise, Customer deposits decreased by AED 1.8 billion to AED 35.1 billion compared to 31 December 2019. We actively encourage our customers to create an online presence and bank digitally.”. 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. Search the world's information, including webpages, images, videos and more. The Bank made a commitment to work with schools and parents to provide flexible solutions that will help them manage through challenges faced during this pandemic. The National Bank of Ras Al-Khaimah (“RAKBANK”) announced a consolidated net profit of AED 438.6 million for the nine-month period ended 30 September 2020. Laborers in Ras Al Khaimah are to visit the Thumbay University Hospital, Al Jerf in Ajman, while the ones in Dubai will be visiting the OPD Complex, Thumbay Hospital in Dubai. The EPP solution provides parents with the technological tools to meet their children’s e-learning needs throughout their educational journey and helps individuals to work from home, allowing them to purchase laptops and tablets, and better manage their cash flow in uncertain times. This easy and safe method of electronic payment and collection of revenue for both government and non-government fees are in line with Abu Dhabi’s 2030 vision on effective economic transformation across all sectors. “The Ministry of Finance is keen to cooperate with various banks and financial institutions to expand the adoption and development of the eDirham system, and enable local and federal government entities, and private sector institutions in the country to efficiently and effectively collect fees. RAKBANK is well provisioned against loan losses with a loan loss coverage ratio of 118.4%, excluding mortgaged properties and other realizable asset collateral available against loans. The Bank’s capital adequacy ratio as per Basel III was 16.8% at year-end. The hosts also examined the potential costs of being uninsured as well as risk of being under-insured, particularly during a global pandemic. 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 long-term preferred partnership was signed at a ceremony that took place at RAKBANK’s head office, by Frederic de Melker, Managing Director of Personal Banking at RAKBANK and Dimitris Mazarakis, General Manager of MetLife Gulf. •    Total Income increased by AED 20.6 million quarter-on-quarter  This partnership aims to offer the Filipino expat community here in the UAE the ability to safely and instantly remit money back home at competitive rates with zero back-end charges and no hidden fees.”. Before joining Torus, he led LMH from the 2008 stock transfer and spearheaded the creation of a strong, diversified and award-winning housing group with a distinct social purpose during his 10 years as LMH Group Chief Executive. 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. This would greatly assist the schools to accept and manage all payments via a digital and systematic solution. H.E Engineer Sharif Salim Al Olama, Under-Secretary of the Ministry of Energy and Infrastructure said:  The results of our significant shift in strategy that we set out on in 2015 to diversify the Bank’s earnings base continue to deliver market leading results. The Simplify platform’s monthly fee will be waived off for the next 3 months to businesses that offer essential services like delivery of medicines, groceries and other related services. The Bank’s Total capital adequacy ratio as per UAE Central Bank regulations stood at 18.6% at the end of December 2020. The mobile application also provides the convenience of easily transferring money between friends using the SocialPay feature. Additionally, the annualised Net Credit Losses to Average Loans & Advances ratio closed at 4.9% compared to 3.7% in YTD September 2019 due to the higher provisions under IFRS 9 and a declining loan book. As a proactive step, the Bank took an additional ECL provision amounting to AED 130 million. Capitalization and liquidity Capitalization and liquidity “We entered this crisis from a position of strength through the early adoption of several actions aimed at ensuring the safety and security of all our stakeholders, as well as supporting their financial well-being. If you would like to discuss confidential information with an agent, you will need to login and authenticate the chat. The Bank will be waiving off local transfer charges conducted via the Digital Banking app or the ATMs and Electronic Deposit Machines (EDMs). RAKBANK is the biggest SME bank in UAE and this partnership will help us reach the SMEs who derive a large amount of revenue from online orders, and who would otherwise face challenges finding the appropriate financing solutions for their business model and scale of operations.”. Lastly, RAKBANK is offering RAKstarter zero balance current account to start-ups and new entrepreneurs. know more In July 2016, ABFRL acquired the exclusive online and offline rights to the India network of California-based Fast Fashion brand 'Forever 21'. Through this partnership, we will ensure that we offer products that deliver more features that reassure our policy holders that they’ll be covered, no matter what.”, Frederic de Melker, Managing Director of Personal Banking at RAKBANK said: “By signing this 10-year agreement, MetLife joins RAKBANK’s effort to build transparency and customer benefit into the market of life-bancassurance. RAKBANK is proud to announce the second edition of its annual SMEsouk Business Conclave in partnership with Abu Dhabi Global Market (ADGM) and ARN’s Dubai Eye. RAKBANK CEO, Peter England, commented: “RAKBANK had an exceptional January and February and we were on track for one of our best quarters on record until the events around COVID-19 began to unfold. The Non-Performing Loans and Advances to Gross Loans and Advances ratio closed at 5.2% compared to 4.0% as at 31 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 has really been able to further leverage the power of digital banking by expanding our services and solutions on our digital platforms, allowing the majority of customers’ day-to-day financial needs to easily be met and completed online in just a few simple steps, without the need to visit a branch. H2 2020 outlook PETER ENGLAND: The establishment of Al Etihad Credit Bureau is a step in the right direction towards a more transparent credit environment. England replaces Graham Honeybill who is due to become a non-executive director of the bank after his retirement in July, sources said in April.. Ian Larkin, the former managing director of Lloyds TSB Commercial Finance was due to replace Honeybill in July, but barely six weeks since arriving at the bank to prepare to take the helm, he quit, sources said in May. The RAKBANK Corporate Purchase Mastercard Card offers corporates a secure and simple way of making high value enterprise level B2B, B2G and cross-border payments as well as efficiently monitoring their travel and entertainment expenses via the SmartData expense monitoring and management tool. RAKBANK is urging all customers, especially SMEs, to take their business online with several options to efficiently run their operations successfully and not have any health implications on the surrounding environment. In line with the strategies of the UAE Government and the World Health Organization on flattening the curve of the novel coronavirus (COVID-19), RAKislamic, the Islamic Banking window of RAKBANK, is playing an active role in containing the spread of the virus by partnering with Thumbay University Hospital, in an initiative to sponsor the swab tests and medical screenings of blue collar workers based in Dubai and Ras Al Khaimah. Peter Newton | Newcastle, Australia | CEO at New England Trading Pty Limited | 1 connection | See Peter's complete profile on Linkedin and connect Alexsey Chernih Hospital Fitout Group Pty Ltd, specialist in live environment This falls in line with the objectives of the National Agenda of the UAE Vision 2021 that is aimed at improving the quality of services provided to individuals and companies.”, HE added: “MoF continues to bolster the eDirham system, and keep pace with the digital transformation in the financial services it provides, in order to meet the current and future requirements of government services fees’ payments, and contribute to achieving the vision of our wise leadership in spearheading the future.”, Frederic de Melker, Managing Director of Personal Banking at RAKBANK, said: The Growth in the Bank’s Net Profit was driven by the improved net interest income, an increase in the net income from Islamic financing and the non-interest income as well as a reduction in the provisions for credit loss for the year. A member of the Historic New England staff since The financial solutions offered by RAKBANK through Invoice Bazaar platform are short term loans to the small and medium businesses that supply bigger e-commerce players against receivables generated on the e-commerce portal. RAKBANK is currently rated by the following leading rating agencies, with their ratings provided below: United Arab Emirates: The National Bank of Ras Al Khaimah (RAKBANK) has announced the renewal of its partnership with the Fintech platform Invoice Bazaar. Highlighting how SMEs are coping in the current health crisis and covered the inevitable change in business models that’s happening as means to adapt and transform into the ‘new normal’. Arfan Ali said: “We are happy to partner with RAKBANK to offer this new instant remittance solution to our expats. Peter joined New England Biolabs as a postdoctoral researcher in 1987, after receiving a Ph.D. in Biochemistry and Genetics from Princeton University. During the last quarter of 2019, the Bank announced that it was one of the pioneering banks to sign a service agreement for UAE Pass with Telecommunications Regulatory Authority (TRA), Abu Dhabi Digital Authority and Smart Dubai. Peter England also recently launched the sub brand Peter England Party, which offers trendy club wear that is easy on the pocket yet high on style. Additionally, our income from investments recorded significant revenue growth as compared to the previous year. The National Bank of Ras Al Khaimah (RAKBANK) and the Ministry of Finance are proud to present the third generation of eDirham, cashless payment platform that empowers users to make transactions easily as it is a seamless, convenient and secure medium that focuses on immersing digital transactions across the country for the government sector. His secret? RAKBANK CEO, Peter England, commented: “RAKBANK had an exceptional January and February and we were on track for one of our best quarters on record until the events around COVID-19 began to unfold. This includes reducing RAKBANK’s SME Prime lending rate and offering payment relief to customers availing business loans or asset backed loans up to a period of 6 months for businesses that are impacted by the COVID-19 without any additional fees incurred or penalty interest charged. 4 Corporation Street, He invented the Brotherhood engine used for torpedoes as well as many other engineering products.With his son he built a large engineering business in London bearing his name, Peter Brotherhood. Peter oversees Torus’ financial core with a focus on Business Assurance, Finance, Organisational Development, ICT & Transformation and Developments operations. Similarly, the Central Bank of the UAE reduced its Reserve requirement against CASA balances by 50% in order to increase the circulation of money into the economy during these trying times. The public’s safety is a top priority at RAKBANK.”. It is the first and only credit card to offer gold returns in the UAE, Peter England, RAK Bank CEO told a well-attended press conference in Dubai. The e-commerce solution is available to SMEs and retailers of all sizes, including Start-ups with RAKstarter Zero Balance Account. Additionally, the solution covers businesses’ preferential terms on Point of Sale (POS) terminals, mPOS and all other payment gateways. Gross Loans & Advances increased by AED 1.4 billion to AED 36.3 billion, which is a rise of 4.1% year-on-year resulting in the direct contribution towards the Bank’s total assets and increasing it by 8.4% to AED 57.1 billion compared to the end of 2018. RAKBANK will monitor evolving conditions and consider more actions as necessary. 2020 outlook The reduction was mainly in Time Deposits, which decreased by AED 4.7 billion but was partially offset by the increase of AED 2.0 billion in CASA Deposits. In line with RAKBANK’s commitment to innovation in digital solutions, the RAKBarça mobile application allows cardholders to effortlessly activate their Card, top-up funds, check balance and monitor transactions. “I am pleased to report that we managed to tie up with over 70 schools across UAE with an approximate student base of over 120,000 in a short span of time, which has supported parents in managing school payments as well as aiding schools in the swift digital transformation required for their operations to run smoothly and efficiently in these testing times. Total Operating Income decreased by 4.5% to AED 1,903.9 million as compared to the same period of the previous year.Total Income was down by AED 89.8 million compared to the first half of 2019, mainly due to decrease in non-interest income by AED 72.9 million and the decline of AED 16.9 million in Net Interest Income and Net Income from Islamic products. During the event, RAKBANK and MetLife explored the impact of the evolving regulatory landscape within the UAE, and how it is helping increase consumer confidence in the new products on offer. Additionally, the Bank’s customers can use the eDirham mobile app itself to make payments by simply linking it to their RAKBANK account. BDO Unibank for its part says its connection to RippleNet has broadened its worldwide reach to financial institutions and clients. MetLife, one of the largest global providers of insurance, annuities, and employee benefit programs, has announced a 10-year strategic preferred partnership with The National Bank of Ras Al Khaimah (RAKBANK) to provide comprehensive life insurance solutions to the Bank's customers across the United Arab Emirates. Peter England, RAKBANK CEO, said, “We, at RAKBANK, are committed to increasing our international remittance footprint and are delighted to enhance our RMT services into the Philippines, thanks to our partnership with BDO. How much does a Chief Executive Officer make in the United States? Peter England, CEO, RAKBANK said: “Regulatory progress in the insurance industry as a whole is serving to boost customer appetite for insurance products, however the life insurance segment remains underpenetrated, however that is changing. Provisions for credit loss increased by AED 232.9 million year-on-year and this was mainly due to additional precautionary provisions taken in view of the expected deterioration of the current economic and operating environment. Total Assets grew by 8.4% to AED 57.1 billion and Customer Deposits increased by 7.9% to AED 36.8 billion. 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. Non-Interest Income decreased by AED 138.4 million year-on-year to AED 1.0 billion, mainly due to a decrease of AED 139.9 million in Net fees and commission income. The advances to stable resources ratio stood at a comfortable 80.6%.   This RMT service is free of charge until February 29, 2020. The average Chief Executive Officer salary in the United States is $766,712 as of December 28, 2020, but the range typically falls between $579,411 and $987,678.. Whilst credit quality was stable throughout the first quarter of 2020, the Bank increased its impairment provisions recognizing the potential deterioration in credit quality in the consecutive quarters. Furthermore, to protect our customers the Asset & Liability Committee (ALCO) focused on increased monitoring around the Bank’s liquidity position throughout the year as well as assessing and monitoring market risks amid this difficult period. RAKBANK is well provisioned against loan losses with a loan loss coverage ratio of 129.4%, excluding mortgaged properties and other realizable asset collateral available against loans. Considering the current COVID-19 pandemic situation, we have jointly waived remittance charges to help our expats send money easily to their beloved families back home.”. “RAKBANK is honoured to play an integral role in the enhanced third generation eDirham. Similarly, number of federal Ministries and Authority will follow suit including several Ras Al Khaimah government entities. This combined with a low interest rate environment is providing challenges for the Bank’s top line income. 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%. Furthermore, the Bank has adopted a social distancing method through which front-facing staff at all branches, centres as well as headquarters are not to leave their place of work for meetings, whether it is internal or with external vendors. In line with our strategy of placing our customers’ needs at the core, this solution empowers the Bangladeshi expats to instantly and securely send money back home to Bangladesh in just a few simple clicks through our award-winning digital banking app, with no hidden fees and at competitive rates.”, Bank Asia’s President and Managing Director, Md. Operating expenses decreased 11.1% year-on-year and the cost to income ratio closed at 39.2% for the year. Total Assets decreased by AED 2.8 billion to AED 54.3 billion compared to 31 December 2019 with the major reduction resulting from customer Loans and Advances, down by AED 1.7 billion and central bank balances also decreased by AED 1.1 billion. Aditya Birla Management Corporation Pvt. The Bank’s results reflect the impact of the pandemic on our customers and the economy whereby Total Assets stood at AED 52.8 billion, decreasing by 7.6% over 2019, and Gross Loans and Advances closed at AED 32.2 billion, down by 11.2% over the previous year. “The third generation of eDirham is an innovation of the Ministry of Finance that aims to transform the market of cashless transactions and contribute to a more technologically advanced society. 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. Capitalization and liquidity: RAKBANK has urged schools and parents to make use of the Skiply App, which is a highly safe and secure platform developed in collaboration with Mastercard, to make and track all school-related payments digitally. **After application of Prudential Filter. Frederic de Melker, Managing Director of Personal Banking at RAKBANK, said:  Furthermore, Customer deposits increased by 0.3% to AED 36.9 billion, with growth derived mainly from a rise of AED 5.1 billion in CASA Deposits (AED 4.5 billion increase in current account deposits, and 0.6 billion increase in Savings and Call deposits), this was offset by a decrease of AED 5.0 billion in Time Deposits. Total Income of AED 1.9 billion for H1 2020 was down by 4.5% on a year-on-year basis. United Arab Emirates, 2nd February, 2021: The National Bank of Ras Al-Khaimah (“RAKBANK”) has announced a consolidated Net Profit of AED 505.4 million for the Full-Year of 2020, decreasing by AED 589.9 million over the previous year. The regulatory eligible liquid asset ratio was 12.9% at the end of December 2019 well above the minimum requirement of 10.0%. Mohamed Omran Alshamsi, commented: “In a steadily growing economy marked by digital advancements and product launches, the Bank produced yet another strong fourth quarter and full year, allowing us to increase investments in our customer value proposition, the community, and employees, while keeping a close eye on expenses. United Arab Emirates, 25 February 2020: The National Bank of Ras Al Khaimah (RAKBANK) announced today that it has implemented UAE Pass registration, a National Digital Identity and Digital Signature solution for the UAE, across all 36 branches. This nationwide initiative aims to provide a single trusted digital identity solution for service providers in the UAE, while maintaining a high level of security assurance and seamless user experience. The regulatory eligible liquid asset ratio at the end of the quarter stood at 12.8% compared to 12.9% as at 31 December 2019, and the advances to stable resources ratio stood comfortably at 88.2% compared to 89.1% at the end of 2019. RAKBANK continues to monitor and adapt its approach with the ultimate aim to better protect all stakeholders dealing with the Bank on a regular basis. Frederic de Melker, Managing Director of Personal Banking at RAKBANK, said: “RAKBANK is honoured to play an integral role in this nationwide initiative and become the first bank in the country to offer a UAE Pass registration facility across our branches. The dividend distribution will result in approximately 46% of Group’s net profit being paid out. The average salary for a Chief Executive Officer (CEO) in United Kingdom is £81,259. RAKBANK CEO, Peter England, commented: “The efforts of recent years to diversify our balance sheet and revenue stream delivered strong results in the first couple of months of 2020. The Board of Directors recommended a distribution of cash dividend of 30 fils per share for the shareholders’ consideration and approval at the Annual General Meeting (AGM). Also, the Bank will provide Customers with an option to convert education and electronic spends on their conventional credit cards into an Easy Payment Plan (EPP) option at 0% interest rate and zero processing fee for up to 24 months. Executive Leadership Team The Executive Leadership Team (ELT) is responsible for setting and influencing Genomics England’s strategic direction (with the Board); defining, delivering and evaluating Genomics England’s activities: providing leadership, both inside the organisation and externally as ambassadors and thought leaders. Moreover, Total Assets stood at AED 52.3 billion as at 30 September 2020, decreasing by 7.0% year-on-year and by 8.4% year-to-date. The regulatory eligible liquid asset ratio at the end of the period was 9.7%, compared to 12.9% as at 31 December 2019. Even more » See the complete profile on LinkedIn and discover Peter’s connections and jobs at similar companies. The partnership offers a versatile and highly competitive life insurance solution for the Bank’s customers with the highest non-medical underwriting limit of USD 1.25 million, exceptional maturity value, and an intuitive digital-first sales and service platform, Mpower. 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