Dubai: UAE’s RAKBANK delivered its best net profit since Q3-2015, with the first nine months of 2022 delivering Dh878.8 million and up 64.4 per cent over last year. In the third quarter alone, the net profit was at Dh351.4 million as ‘stringent cost management’ brought in the desired results.
Matters were helped by a ‘diversified balance-sheet and lower cost of risk’. There was a ‘strong’ increase in net interest income to Dh652.8 million, while that of the non-interest income was up a marginal 1.3 per cent to Dh262.3 million.
“We remain disciplined with cost, reaping the benefits of our business mix shift through lower provisions,” said Raheel Ahmed, CEO. “Our income growth is driven by the bank’s solid balance-sheet momentum across all the segments, with business banking and wholesale growing by Dh906 million (up 11 per cent) and Dh687 million (up 8 per cent).”
Retail banking grew by Dh231 million (up 1.3 per cent). “We continue to back entrepreneurs and startups and opened more than 8,000 new accounts for them year-to-date,” the CEO added. “We also offered financing solutions to more than 3,800 SMEs.”