Abu Dhabi – Mubasher: Moody's Investor Service has reaffirmed the ‘Baa1/ P-2’ rating to the National Bank of Ras Al Khaimah (RAKBANK), with a stable outlook.
The obligations rated Baa are subject to moderate credit risk, according to a bourse statement.
Moody's underlined that they are considered medium-grade and as such may possess speculative characteristics.
In the first nine months (9M) of 2023, RAKBANK logged net profits valued at AED 1.35 billion, an annual jump of 53.90% from AED 878.80 million.
Operating income hiked by 35.40% to AED 3.32 billion in 9M-23 from AED 2.45 billion in 9M-22, while the basic and diluted earnings per share (EPS) increased to AED 0.67 from AED 0.44.
