Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAKBANK) generated net profits amounting to AED 900.80 million in the first half (H1) of 2023, an annual hike of 70.80% from AED 527.40 million.
The UAE lender registered a total income valued at AED 2.18 billion in H1-23, marking a 42% year-on-year (YoY) surge from AED 1.54 billion, according to the financial results.
Meanwhile, the customers’ deposits increased by 19% YoY to AED 49 billion during the first six months (6M) of 2023.
Income Statements for Q2-23
The UAE bank posted a 46.60% surge in net profit to AED 450.50 million during the second quarter (Q2) of 2023, compared to AED 307.30 million in Q2-22.
Total income went up by 4% to AED 1.11 billion in Q2-23 from AED 815 million in the year-ago period.
Raheel Ahmed, Group CEO of RAKBANK, said: “Our active customer base grew 5% YoY. In H1, we supported over 900 customers with home loans.”
“We also disbursed over AED 1 billion of business loans. Our wholesale banking business is now well established with strong product capabilities and is growing in double digits,” Ahmed continued.
The CEO highlighted: “Whilst the UAE economy continues to demonstrate positive momentum and growth as we enter H2-23, we do remain cautious about the global macro environment and the downstream impact of rising interest rates and inflation on our customers.”
During the January-March 2023 period, the ADX-listed lender witnessed higher net profits attributable to the owners at AED 451.20 million, compared to AED 220.82 million in Q1-22.
