RAK Bank's total assets rose 10.2% year-on-year to Dh72 billion during the same period. Image Credit: Gulf News Archives

The National Bank of Ras Al Khaimah’s net profit rose 54 per cent year-on-year, to a record level of Dh1.35 billion for the first nine months of 2023, aided by increased customer deposits, card spends, and digital transactions.

During the nine months ended September 2023, there was a 16 per cent spike in digital transactions, with the lender's banking platform accessed 11.4 million times during the latest quarter - an 18 per cent rise year-over-year. Also, the bank's deposits grew 16 per cent year-on-year to Dh48.5 billion, and card spends rose by 20 per cent.

Raheel Ahmed, Group Chief Executive Officer, reaffirmed the bank's continued progress in being a digital bank. "As we look ahead, we acknowledge the challenges of inflation, rising interest rates, and geopolitical developments. Despite these factors, we remain focussed on delivering consistent results."

Additionally, the total income for the lender increased 35.4 per cent to Dh3.3 billion, compared to a year ago, while total assets rose 10.2 per cent year-on-year to Dh72 billion.

Operating expenditure for the first nine months of 2023 rose 10.4 per cent over a year ago to Dh1.2 billion. That was led by staff related costs, depreciation, marketing and technology expenses, the lender said. The metric was partially offset by a reduction in occupancy and communication costs.