RAKBANK logs AED 1.6bn net profits in 9M-24

RAKBANK
RAKBANK 0.93% 5.45 0.05

Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAKBANK) recorded net profits valued at AED 1.68 billion in the first nine months (9M) of 2024, higher by 24.90% than AED 1.35 billion in 9M-23.

RAKBANK posted 8.10% year-on-year (YoY) growth in operating income to AED 3.55 billion as of 30 September 2024, compared to AED 3.28 billion, according to the consolidated unaudited financial results.

Basic and diluted earnings per share (EPS) increased to AED 0.84 in 9M-24 from AED 0.67 in 9M-23.

Total assets hit AED 83.89 billion at the end of September 2024, versus AED 73.95 billion as of 31 December 2023. Meanwhile, deposits from customers hiked to AED 57.26 billion from AED 50.39 billion.

Financial Statements for Q3

In the third quarter (Q3) of 2024, the UAE-based lender generated net profits worth AED 599.73 million, an annual surge of 32.70% from  AED 452.06 million.

The operating income climbed by 7% to AED 1.20 billion in Q3-24 from AED 1.12 billion in Q3-23, while the basic and diluted EPS went up to AED 0.30 from AED 0.22.

Raheel Ahmed, Group CEO of RAKBank, said: “As we enter the final quarter of 2024, we remain focused on continuing to execute our strategic goals.”

He underlined: “The UAE economy also continues to demonstrate resilience, supported by stable oil prices, real estate growth, and a thriving trade and tourism sector. However, we remain vigilant of the global macroeconomic environment as we continue to navigate the year with agility and foresight.”

In the first six months (6M) of 2024, RAKBANK achieved AED 1.08 billion in net profit after tax, which marked a 21% YoY rise from AED 900.80 million.

Source: Mubasher Source: {{details.article.source}}