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The National Bank of Ras Al Khaimah (RAKBANK) has posted a 54% year-on-year jump in net profit, supported by strong credit quality and continued sales momentum.
The bank’s net profit for the first nine months of the year reached AED1.35 billion ($367 million) compared to AED878.8 million in the same period last year, the lender said in a bourse filing on the Abu Dhabi Securities Exchange (ADX), where its shares trade.
Profit for the third quarter of the year stood at AED452.1 million, up by 28.7% from the previous year’s AED351.4 million.
Also, during the first nine months of the year, total assets of the bank climbed by 10.2% to AED72.07 billion, while deposits went up by 16% to AED48.5 billion. Total income rose by 35.4% to AED3.3 billion due to continued growth in low-cost deposits and diversified growth across all segments of the business.
Despite the positive results, some challenges remain, including rising costs and interest rates, as well as geopolitics.
“As we look ahead, we acknowledge the challenges of inflation, rising interest rates and geopolitical developments,” said Raheel Ahmed, the bank’s CEO.
“Despite these factors, we remain focused on delivering consistent results, in line with our strategic ambitions.”
(Writing by Cleofe Maceda; editing by Seban Scaria)
