Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAKBANK) generated 16.40% higher net profits after tax at AED 2.07 billion in 2024, compared to AED 1.78 billion in 2023.
The net profits were supported by the highest-ever income of AED 4.71 billion as of 31 December 2024, up 7% year-on-year (YoY) from AED 4.40 billion, according to the financial results.
Deposits increased by 18.40% YoY to AED 59.60 billion in 2024 from AED 50.40 billion, while the total assets climbed by 19.40% YoY to AED 88.30 billion from AED 74 billion.
Financials for Q4-24
In the fourth quarter (Q4) of 2024, RAKBANK’s net profits after tax dropped nu 10.40% YoY to AED 386 million, while the operating income fell by 3.70% YoY to AED 1.16 billion.
Quarterly, the net profits registered in Q4-24 plunged by 35.60% from AED 599.73 million in Q3-24, whereas the operating income declined by 3.60% from AED 1.20 billion.
Mohamed Omran Al Shamsi, Chairman of RAKBANK, said: “Our unwavering commitment to excellence, coupled with a focus on digital innovation and exceptional customer experiences, has driven remarkable financial growth, enabling us to surpass the AED 2 billion profit milestone for the first time in the bank’s history.”
Raheel Ahmed, Group CEO of RAKBANK, commented: “RAKBANK remains the UAE’s leading SME bank, supporting 91,700 businesses across the country including supporting [around] 13,000 new entrepreneurs to launch their company during 2024.”
“RAKBANK became the first bank in the GCC to issue a Social Finance Bond, with proceeds directed toward supporting SMEs and the healthcare sector, aligning with the We the UAE 2031 vision,” Ahmed noted.
