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Ras Al Khaimah / WAM
The National Bank of Ras Al Khaimah (Rakbank) has announced its financial results for the year ending December 31, 2022, and the fourth quarter of 2022. The bank reported a net profit growth of 53.4% YoY for FY’22, reaching a total of AED1.163 billion, its highest in over a decade. The Q4’22 net profit was reported at AED284.6 million, a YoY
increase of 27.3%.
Total income for FY’22 reached AED3.451 billion, a 6.9% YoY increase, while the Q4’22 total income was AED994.8 million, a 25.5% YoY increase. The FY’22 total income was supported by a strong net interest income of AED2.489 billion, a 14.8% YoY increase, and the Q4’22 net interest income was AED733.1 million, a 34.0% YoY increase.
According to Raheel Ahmed, Rakbank CEO, the growth was diversified across all segments, with total assets growing by 15.5%, loans & advances by 7.6%, and customer deposits by 15.3% YoY. The retail banking segment saw a growth of AED102.8 million (0.5% YoY).
The CEO added that the bank has seen balance sheet momentum across the wholesale banking and business banking segments, which grew by AED1,589.1 million (18.3% YoY) and AED 996 million (12.4% YoY) respectively.
The Board of Directors has recommended a cash dividend of 34 fils per share for shareholders’ consideration and approval at the Annual General Meeting.
In conclusion, Chairman of Rakbank, Mohamed Omran Al Shamsi, stated that the bank is on track for sustained expansion following its strong recovery in 2022, and that the bank will diversify its business mix, further strengthen its credit profile, and lay the foundation for long-term, sustainable growth in 2023, a year of opportunity amidst uncertainty caused by geopolitical and economic headwinds.