UAE-listed lender RAKBANK posted a net profit of AED 1.374 billion ($374 million) for the first half of the year, marking a 26% growth over the same period in 2024.

Net earnings for the second quarter stood at AED 669 million, also rising by 22% from a year earlier, the bank reported on Monday.

The significant jump in income has been attributed to higher non-interest earnings and better credit quality. 

The bank’s operating profit went up by 7.7% to AED 1.68 billion in the first half, while total assets also expanded by 18.1% to AED 95 billion.

Gross loans and advances grew by 17.4% to AED 51.3 billion over the same period, reflecting the expansion across all segments, including wholesale banking loans, which went up by 33%.

Return on equity (ROE) stood at 22.1%, an improvement from 20.4%, while return on assets (ROA) was pegged at 3.1%, up from 2.9% a year ago.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com