UAE: Moody’s affirms RAKBANK ‘Baa1/ P-2’ rating; outlook stable

Operating income hiked by 35.40% in 9M-23

Staff Writer, Mubasher

December 4, 2023

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Abu Dhabi: Moody's Investor Service has reaffirmed the ‘Baa1/ P-2’ rating to the National Bank of Ras Al Khaimah (RAKBANK), with a stable outlook.

The obligations rated Baa are subject to moderate credit risk, according to a bourse statement.

Moody's underlined that they are considered medium-grade and as such may possess speculative characteristics.

In the first nine months (9M) of 2023, RAKBANK logged net profits valued at AED 1.35 billion, an annual jump of 53.90% from AED 878.80 million.

Operating income hiked by 35.40% to AED 3.32 billion in 9M-23 from AED 2.45 billion in 9M-22, while the basic and diluted earnings per share (EPS) increased to AED 0.67 from AED 0.44.

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