Rakbank announces $198m profits

25 October 2010

UAE retail bank publishes results for first nine months

Rakbank reported net profits of AED729m ($198m) for the nine months to end-September 2010, a 37.5 per cent growth compared with the same period the previous year.

“With some recovery signs seen in the current economic environment, the bank continues to seek good lending opportunities and remains receptive to market opportunities.” says Graham Honeybill, Rakbank general manager.

Total assets stand at AED26.1bn, an increase of almost 32 per cent since 2009 as a result of an increase in shareholder equity and customer deposits and a boost in loans and advances, which grew by 23.4 per cent to AED16.2bn.

Rakbank is also known as the National Bank of Ras al-Khaimah and has a customer base of 340,000.

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