RAKBANK posts 450.3m net profit in first quarter – Gulf Today
- Date: 28-Apr-2023
- Source: Gulftoday.ae site:gulftoday.ae
- Sector:Financial Services
- Country:UAE
RAKBANK posts 450.3m net profit in first quarter – Gulf Today
Photo used for illustrative purpose.
The National Bank of Ras Al Khaimah (RAKBANK) reported its financial results for the first quarter of 2023 (Q1’2). RAKBANK delivered a net profit increase of 104.6% to 450.3 million (vs Q1’22 104.6% and Q4’22 58.2%) for Q1 2023 driven by a robust and diversified growth on both sides of the balance sheet. This was underpinned by strong sales momentum and lower cost of funds.
The banks’s total income performance was supported by a strong net interest income of Dhs788.8 million, up 46.0% Year-on-Year (YoY). Net interest margins increased to 4.9% against 3.8% (Q1’22) and continues to be among the highest in the Industry. The banks’s Q1’23 non-interest income of Dhs284.4 million, up 52.5% YoY. The growth in non-interest income was driven by higher forex and derivative income.
Gross loans & advances at Dhs38.7 billion, reflecting a 1.4% increase compared to
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