RAKBANK posts record nine-month pretax profit Dh1.9b, up 37%
Gross loans and advances at Dh48.9 billion as at September-end was up 19.1 per cent
The National Bank of Ras Al Khaimah (RAKBANK) posted record net profit after tax of Dh1.7 billion, growth of 25 per cent, driven by growth in loan portfolio across all business segments, improved asset quality and tailwinds from higher net interest income.
The lender recorded a 8.1 per cent rise in nine-month operating income, supported by a net interest margin of 4.6 per cent, on the back of asset growth, customer base for Current Account Savings Accounts (CASA), augmented by higher non-interest income.
Gross loans and advances at Dh48.9 billion as at September-end was up 19.1 per cent, with wholesale banking loans and advances growing by 41 per cent this year, in line with diversification strategy. Meanwhile, customer deposits at Dh57.3 billion rose 18.2 per cent.