Dubai, United Arab Emirates – RAKBANK has received a positive outlook from Moody’s Ratings, marking a significant milestone in the Bank’s ongoing transformation. Moody’s has affirmed RAKBANK’s Baa1 long-term deposit rating and Baa1 senior unsecured debt rating, while upgrading the outlook from stable to positive—the first change in its rating outlook since Moody’s began assessing the Bank in 2005.

This upgrade reflects RAKBANK’s improving profitability, enhanced asset quality, and growing Wholesale Banking segment, as the Bank continues to drive sustainable and diversified earnings.

Moody’s highlighted RAKBANK’s strong financial fundamentals, noting that:

  • Profitability is on the rise, supported by a balanced portfolio across retail, business, and wholesale banking. Wholesale banking and treasury operations now contribute over 25% of total operating income, reducing risk and enhancing stability.
  • Asset quality has significantly improved, with the non-performing loan (NPL) ratio declining to 2.2% in 2024, down from 2.8% in 2023 and a pandemic peak of 5.5% in 2020.
  • Loan-loss reserves remain strong, with a coverage ratio of 253%, far exceeding the UAE banking sector average of 103%.

Moody’s also recognized RAKBANK’s solid capital and liquidity buffers, as well as its strong government backing, with Ras Al Khaimah holding a 53% ownership stake in the Bank.

Commenting on this milestone, Jaffer Nini, Group CFO of RAKBANK, said:
"We are pleased with Moody’s decision to upgrade our outlook to positive, reflecting our continuous focus on sustainable growth, diversification, and innovation. Our shift towards Wholesale Banking and secured retail products has strengthened our financial position while maintaining our commitment to delivering exceptional customer experiences. This outlook change positions us well for a potential future rating upgrade as we further enhance our earnings quality and business resilience."

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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 oldest yet most dynamic banks. Since 1976, RAKBANK has been a market leader, offering a wide range of banking services across the UAE.

We’re a public joint stock company based in Ras Al Khaimah, UAE, with our head office located in the RAKBANK Building on Sheikh Mohammed Bin Zayed Road. The Government of Ras Al Khaimah holds the majority of our shares, which are publicly traded on the Abu Dhabi Securities Exchange (ADX).

RAKBANK stands out for its innovation and unwavering commitment to delivering awesome customer experiences. Our transformative digital journey aims to be a 'digital bank with a human touch,' accompanying you during key moments.

With 21 branches and advanced Digital Banking solutions, we offer a wide range of Personal, Wholesale, and Business Banking services. Through our Islamic Banking unit, RAKislamic, we provide Sharia-compliant services to make your banking experience seamless, whether you visit us in person or online.For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with us on our social media platforms:

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