RAKBANK Concludes its AGM

United Arab Emirates – 11April 2021:RAKBANK successfully concluded its Annual General Meeting (AGM) today through electronic participation, where the shareholders approved the cash dividend of 15% of the Bank’s paid-up capital amounting to15 fils per share, for the financial year ended 31 December 20. The dividend distribution will result in approximately49.8% 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 31 December 2020.

RAKBANK Chairman, H.E. Mohamed Omran Alshamsi, commented on the Bank’s performance for the financial year ended 31stDecember 2020:

“RAKBANK had an exceptional start to the year 2020 and we were on track for one of our best results on record until the events around COVID-19 began to unfold. This pandemic changed all that and caught most businesses and people across the world unexpectedly and made us recognize the importance of building a sustainable business model to achieve operational efficiency. This is clearly articulated in RAKBANK’s first Integrated Annual Report that highlights the importance of sustainability for the greater long-term profitability and resilience of the Bank.

Our priority as a Bank this past year was to support all our customers, especially those that experienced financial hardship or loss of income due to the pandemic’s economic impact and this was especially true for many of our SME customers as well as our Personal Banking customers. That said, with the support of the country’s regulators, we were able to help them through deferrals on repayments and loan restructuring when required and reduced or eliminated a number of charges.This important step underscores the resilience of the UAE's financial system and the strength of our regulators.

Throughout 2020, the Bank strived to provide innovative banking solutions to cater to its customers’ banking needs especially during the lockdown period of the pandemic. We further strengthened our capabilities by implementing a bank-wide innovation programme with the ultimate goal of enhancing our customer experience, driving top-line growth and optimizing resource requirement by adopting a truly digital-first approach. RAKBANK will continue to expand its innovative capabilities in 2021 as our digital efforts have delivered tangible results. The Bank remains cautiously optimistic about 2021 and will continue to stay vigilant.”