Abu Dhabi –  The National Bank of Ras Al Khaimah (RAKBANK) posted a 21% rise in net profit after tax to AED 1.08 billion during the first half (H1) of 2024, compared to AED 900.80 million in H1-23.

Operating income hiked by 8.70% year-on-year (YoY) to AED 2.34 billion as of 30 June 2024 from AED 2.15 billion, according to the financial results.

Total assets increased by 11.90% YoY to AED 80.40 billion as of 30 June 2024 from AED 71.90 billion, while the customers’ deposits rose by 19.40% YoY to AED 58.50 billion from AED 49 billion.

Financials for Q2-24

In the second quarter (Q2) of 2024, RAKBANK achieved net profits valued at AED 515.50 million, whereas the operating income amounted to AED 1.71 billion.

Quarterly, the Q2-24 net profits declined by 10.20% from the AED 574.20 million registered in Q1-24.

Raheel Ahmed, Group CEO of RAKBANK, commented: “Our customers logged into our digital banking platforms 24 million times in H1-24 (up 13% YoY). In Personal Banking, 98% of financial transactions were conducted digitally.”

“Since the launch of our digital onboarding journeys, 83% of Personal Banking accounts are now opened digitally, and 49% of new bank cards are initiated through this digital onboarding,” Ahmed continued.

“I am delighted to announce that as part of our commitment to ESG, RAKBANK has become the first bank in the region to issue a Social Bond,” he underlined.

The CEO noted: “As we enter the second half of 2024, we remain watchful of the geo-political dynamics shaped by elections affecting 72% of the world’s population, ongoing military conflicts, and economic indicators in major economies like the USA and China.”

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