National Bank of Ras Al-Khaimah (Rakbank) has reported a net profit of AED228m for the first quarter of the year, reflecting a 42 per cent year-on-year growth and a 16.7 per cent increase over the fourth quarter of 2009.

Commenting on the results, Graham Honeybill, RakBank’s general manager said: “Although economic recovery is subdued, there remains good lending opportunities.”

The bank has continued its focus on products, which are crucial to its business model, namely small business financing, mortgages, personal lending and cards.

Total assets at the end of the first quarter were AED18.22bn, an increase of 6.5 per cent over the end of 2009 and a 26 per cent yearly increase.

The main growth in assets was seen in loans and advances, which stood at AED14.8bn, a 25 per cent yearly increase and a growth of 6.5 per cent over the end of 2009.