RAKBank’s Q1-2024 net profit hits ‘record’ Dh629 million

RAKBank’s Q1-2024 net profit hits ‘record’ Dh629 million

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Dubai: RAKBANK delivers a record quarterly net profit after tax of Dh574.2 million, a growth of 27.5 per cent driven by continued momentum on both sides of the balance sheet in Q1. Net Interest Income at Dh879.5 million is up 11.5 per cent year-on-year, supported by a robust fee income of Dh294.9 million, up 9.6 per cent year-on-year.

During the period, gross loans and advances at Dh43.2 billion were up 11.7 per cent year-on-year (up 2.9 per cent vs Q4-23). Corporate Banking has grown by over 30 per cent, and corporate loans and advances have crossed Dh10 billion for the first time.

Customer deposits are up 19.5 per cent year-on-year (9.9 per cent vs. Q4-23). The bank continues to build primary operating account relationships with its customers, which is reflected in one of the highest CASA ratios in the industry, at 64 per cent as of Q1-24.

Total Income for Q1-24, at Dh1,174 billion, is up 11 per cent year-on-year, supported by a net interest margin of 4.7 per cent.

Continued migration to digital channels by customers, targeted operating efficiencies, and robust revenue momentum led to a drop in the Cost to Income ratio to 33.1 per cent against 35.4