RAKBank profit rises 22.7% in Q1

The National Bank of Ras Al Khaimah (RAKBank) on Monday announced that first quarter profit after tax rose 22.7 per cent to Dh70 million.

- Somshankar Bandyopadhyay [e-mail]

Operating profit stood at Dh866 million, up 10.2 per cent year on year, on the back of strong growth in balance sheet and non-interest income. Operating expenses grew by 11.8 per cent vs last year driven by continued investments in technology, data, people and customer experience. Cost to income ratio (CIR) stood at 33.4 per cent vs. 33.1 per cent for the first quarter of 2024.

Total assets have crossed Dh90 billion for the first time in the bank’s history. Gross loans and advances surpassed Dh50 billion mark, reflecting a 16.7 per cent year on year increase. Growth was driven by all segments, with wholesale banking loans growing by 30.1 per cent year on year, aligning with the bank’s diversification strategy.

Customer deposits reached Dh61.0 billion, up 18.2 per cent year on year, with a Casal ratio of 65 percent, up 10.2 per cent year on year, one of the highest in the industry.