RAK Bank has reported a net profit of Dh160.37 million for the first quarter of 2009, a 12.7 pc increase over the same period last year. The bank's performance during the quarter, which ended 31st March 2009, remains positive despite adverse market conditions, with the Personal Banking portfolio continuing to grow in line with the bank's targeted expansion.
The bank's net interest income increased by 34per cent from the same period last year to reach Dh248 million. Gross Loans and advances stood at Dh 11.9 Billion, a 5per cent increase over end of year 2008 and a 30per cent increase over the first quarter last year. Fee, commission and other income at Dh 118 million was marginally up compared to the same period last year.
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