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 Dhs450.3 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 31 December 2022 on the back of a changing balance sheet mix in line with the strategic direction of the bank.

Customer deposits stood at Dhs46.4 billion, an increase of 3.3% compared to 31 December 2022. The Bank has a strong Current & Saving Account (CASA) franchise with the CASA ratio of 70.5%.

Raheel Ahmed, CEO of RAKBANK said, “Delivering on our multi-year strategy, we accelerated our growth and achieved a record net profit of Dhs450 million and a record total income of Dhs1,073 million for the quarter. In addition to this impressive growth, I am very pleased with the progress we are making in laying the foundation for sustainable growth.”