Ras Al Khaimah, United Arab Emirates, April 26, 2024 – The National Bank of Ras Al Khaimah (RAKBANK) today reported its financial results for the first Quarter of 2024.

Key Financial Highlights – Q1 2024

RAKBANK delivers record quarterly net profit after tax of AED 574.2M, a growth of 27.5% (up 39.7% on pre-tax basis) driven by continued momentum on both sides of the balance sheet in Q1’24. Net Interest Income at AED 879.5M is up 11.5% YoY, supported by a robust fee income of AED 294.9M up 9.6% YoY. 

  • Gross loans and advances at AED 43.2B are up 11.7% YoY (up 2.9% vs Q4’23). Corporate Banking has grown by over 30%, and corporate loans and advances have crossed AED 10B for the first time.  

  • Customer deposits are up 19.5% YoY (9.9% vs Q4’23). The Bank continues to build primary operating account relationships with its customers, which reflects through one of the highest CASA ratios in the industry at 64% as at Q1’24. 

  • Total Income for Q1’24 at AED 1,174M, is up 11% YoY, supported by a net interest margin of 4.7%.  

  • Continued migration to digital channels by customers, targeted operating efficiencies and robust revenue momentum led to a drop in the Cost to Income ratio to 33.1% against 35.4% in Q1’23. 

  • Shareholder returns remain strong with Return on Equity (ROE) of 21.4% and Return on Assets (ROA) of 3.1% for Q1’24.  The Bank remains liquid and well capitalized with Capital Adequacy Ratio (CAR) at 17.2% vs 16.8% as at Q1’23. 

  • Strong liquidity position as reflected by an Eligible Liquid Asset Ratio of 13.5% and Advances to Stable Resources Ratio of 78.7% as at Q1’24. 

  • The impaired loan ratio improved to 2.6% for Q1’24 against 3.0% for the previous year as the risk profile of the bank continues to reduce. While the provision coverage ratio improved to 233.7% against 192.1% (Q1’23) and remains one of the highest in the industry. 

Read the full report here.

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About RAKBANK                                                                               

RAKBANK, also known as The National Bank of Ras Al Khaimah (P.S.C), is one of the UAE’s most dynamic financial institutions. Founded in 1976, it underwent a major transformation in 2001 as it rebranded into RAKBANK and shifted its focus from purely corporate to retail and small business banking. In addition to offering a wide range of Personal Banking services, the Bank increased its lending in the traditional SME, Commercial, and Corporate segment in recent years. The Bank also offers Islamic Banking solutions, via RAKislamic, throughout its branches and its Telephone and Digital Banking channels. RAKBANK is a public joint stock company headquartered in the emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX). For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

For enquiries, please contact:

Michelle Saddi
michelle.saddi@rakbank.ae