Ras Al Khaimah, United Arab Emirates:– The National Bank of Ras Al Khaimah (RAKBANK) today reported its financial results for the first nine months of 2023.

Key Financial Highlights

Record net profit for YTD Sep’23 driven by diversified growth in balance sheet, continued sales momentum and strong credit quality

  • Income up 35.4% YoY due to continued growth in low cost deposits and diversified growth across all segments of the business.
  • Cost increases 10.4% YoY as we accelerate our strategic transformation whilst delivering operational efficiencies.
  • Gross Loans & advances increased to AED 41.1B, up 9.5% YoY. All segments reflect growth with Wholesale Banking advances up 19.2% YoY, Business banking up 9.3% YoY and Retail banking up 4.8%.
  • Customer deposits increased to AED 48.5B, up 16.0% YoY. Share of CASA deposits at 68.2% continues to one of the best in the industry and has grown 4.9% YoY.
  • Portfolio credit quality remains robust with cost of risk at 2.5% with impaired loan coverage ratio of 210.3% for YTD Sep’23.

RAKBANK delivered strong shareholder returns with ROE of 18.9% and ROA of 2.7% for YTD Sep’23, whilst remaining highly liquid and well capitalized. 

  • Strong profitability and diversified growth on the balance sheet drives healthier Capital Adequacy Ratio (CAR) at 18.5% as of Sep’23 vs. 16.9% as of Sep’22.
  • We remained highly liquid with Regulatory Eligible Liquid Asset Ratio at 16.9% as of Sep’23. Advances to Stable Resources Ratio stood comfortably at 81.6%.
  • The bank delivered enhanced shareholder value with the Return on Assets improving to 2.7% against 2.0% for prior period.
  • The Impaired Loan ratio improved to 2.8% against 3.2% for the prior period.

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