Sunday, Jul 24, 2011
DUBAI (Zawya Dow Jones)--National Bank of Ras Al Khaimah (RAKBANK.AD), or Rakbank, Sunday reported a 23.2% rise in second-quarter net profit on higher net interest income.
The lender said, in a statement posted on the Abu Dhabi stock exchange website, that second-quarter net profit climbed to 296 million U.A.E. dirhams ($80.6 million) from AED240.2 million in the same period in 2010. Second-quarter net interest income jumped to AED488.1 million from AED394.2 million in the year-earlier period.
Provisions for impairments remained flat during the quarter, while operating expenses rose, Rakbank said.
The lender, which is based in the northern emirate of Ras Al Khaimah, provides retail and commercial banking, and has around 31 branches across the United Arab Emirates.
-By Nicolas Parasie, Dow Jones Newswires; +9714 446-1681; nicolas.parasie@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
24-07-11 0530GMT
