National Bank of Ras Al-Khaimah profit rises 42 per cent

04 May 2010

Rakbank’s growth driven by core business operations

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.

You might also like...

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications