Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAKBANK) logged net profits amounting to AED 1.78 billion in 2023, an annual surge of 53.40% from AED 1.16 billion.

Operating income hit AED 4.40 billion as of 31 December 2023, higher by 29.70% year-on-year (YoY)  than AED 3.39 billion, according to the financial results.

The total assets increased by 11.50% to AED 74 billion in 2023 from AED 66.30 billion a year earlier, while the customer’s deposits climbed by 12.30% to AED 50.40 billion from AED 44.90 billion

Financial Statements for Q4

In the fourth quarter (Q4) of 2023, the bank’s net profits surged by 51.60% YoY to AED 430.90 million from AED 284.10 million.

The UAE lender generated 14.90% higher operating income at AED 1.07 billion in Q4-23, compared to AED 938.60 million in Q4-22.

On a quarterly basis, the Q4-23 net profits dropped by 4.70% from AED 452.10 million in Q3-23, while the operating income fell by 5.20% from AED 1.13 billion.

Raheel Ahmed, Group CEO of RAKBank, commented: "We continue to diversify our balance sheet, reduce our risk profile, and add on new value-added products and services for our customers.”

“The bank remains well capitalised, delivering strong shareholder returns and having one of the highest provision coverage ratios in the industry,” Ahmed continued.