Half-year earnings of Dh311 million push Rakbank growth rate

Dubai:The National Bank of Ras Al-Khaimah reported a net profit of Dh311.62 million for the half-year ended 30th June 2008, a 71 per cent increase over the same period in 2007 and over 19 per cent growth from the previous quarter. The current quarter's increase continues the Bank's recent history of solid growth performance.

Net interest income at Dh402 million increased by 60 per cent compared with 30th June 2007. This was due to growth in the small business, commercial loans, mortgage finance and credit card portfolios.

Gross loans and advances ended the quarter at Dh9.92 billion, an increase of 17 per cent over 31st December 2007 and an increase of 28 per cent compared to the 30th June 2007.

The Personal Banking portfolio continued to grow during the quarter in line with targeted expansion. The mortgage loan portfolio saw an increase of 18 per cent since the end of 2007.

The bank's total equity increased to Dh1.82 Billion whilst the annualised ROE (Return on Equity) increased to 37 per cent.

Total assets as at 30th June 2008 were Dh13.1 billion, a 19 per cent increase over 31stDecember 2007 (Dh10.97 billion). This resulted mainly from the growth in net loans and advances by Dh1.5 billion

The growth in the asset book has been supported by a combination of increases in customer deposits and shareholders' equity. Customer deposits were up by Dh1.6 billion from 31st December 2007 from a combination of term and transaction deposits.