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RAKBANK has announced a record quarterly post-tax net profit of AED 574.2M ($156.3M), marking a 27.5 percent increase (39.7 percent increase on a pre-tax basis) driven by sustained momentum on both sides of the balance sheet in the first quarter.

Central Bank of the UAE released a notice on Monday instructing all banks and insurance firms to offer a six-month deferral on repayment of personal and car loan instalments for customers affected by recent adverse weather conditions. This deferral will be provided without any additional charges, interest, or increases to the principal loan amount.