RAKBANK delivers highest ever half yearly net profit of AED 901M, up 71% year on year

RAKBANK delivers highest ever half yearly net profit of AED 901M, up 71% year on year

RAS AL KHAIMAH, 26th July, 2023 (WAM) – The National Bank of Ras Al Khaimah (RAKBANK) today reported its financial results for the first half of 2023 (H1’23).

Raheel Ahmed, Group Chief Executive Officer, RAKBANK, said, “We continue to make strong progress in implementing our new strategy to build a ‘digital bank with a human touch’. At the same time we consistently pivot the culture and mindset of our company to being ‘customer first’ in everything we do.

‘’Our active customer base grew 5% YoY. In H1 we supported over 900 customers with home loans. Being the ‘go to’ SME bank of the UAE, we opened 7,800 accounts for budding entrepreneurs and small businesses. 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.

Our existing customers continue to increase their trust and engagement with us. Our deposits grew by 19% YoY with robust growth in operating accounts. Spends on our cards are up 20% YoY. Our digital banking was accessed over 21M times in H1 (up 15%) and digital transactions have grown over 10% YoY.

A deep-rooted commitment to contribute back to the society in