RAKBANK delivers the highest annual profit growth in over a decade with a net profit of AED 1,163.4mln and a growth of 53.4% YoY

RAKBANK delivers the highest annual profit growth in over a decade with a net profit of AED 1,163.4mln and a growth of 53.4% YoY

Highest net profit growth rate in over a decade. A high single digit income growth supported by robust increases on both sides of the balance sheet.

- FY’22 net profit of AED 1,163.4M, up 53.4% YoY. Q4’22 net profit of AED 284.6M, up 27.3% YoY.

- FY’22 total income of AED 3,451.8M, up 6.9% YOY, with Q4’22 total income of AED 994.8M, up 25.5% YoY.

- Total income for FY’22 was supported by a strong net interest income of AED 2,489.3M, up 14.8% YoY with Q4’22 net interest income of AED 733.1M, up 34.0% YoY. The FY’22 non-interest income was AED 962.5M, lower by 9.4% YoY mainly due to lower trading profits in Q1’22. The non interest income for Q4’22 was AED 261.6M, up 6.7% YoY.

- A well-diversified balance sheet and resilient UAE economic environment led to a 25.3% reduction in impairments as against FY’21. The impairments for Q4’22 reflect an increase of AED 141M against Q4’21 largely on account of prudent management overlays in anticipation of the expected developments in the fast evolving regulatory landscape, uncertain global economy & rising interest rate environment.

- Gross loans & advances at AED 38.1B, reflecting a 7.6% increase YoY on the back of a changing balance