Abu Dhabi – Mubasher: National Bank of Ras Al Khaimah (RAKBANK), listed on Abu Dhabi Securities Exchange (ADX), announced it has reimbursed the nominal amount of $681.67 million on its RAKFunding Cayman Ltd. five-year $800 million bond matured on 24 June 2019.

The bank has used proceeds from the issue, as well as other internal sources to pay back the bond, according to a press release.

In April 2019, RAKBANK had issued $500 million bond through RAKFunding Cayman Ltd.

Earlier this month, Fitch Ratings had affirmed RAKBANK’s long-term issuer default rating (IDR) at 'BBB+' with a stable outlook.

RAKBank previously reported a 32% year-on-year growth in net profits for the first quarter of 2019, recording AED 269.7 million from AED 204 million in Q1-18.

The ADX-listed bank’s operating revenues reached AED 1 billion in Q1-19, up 8% year-on-year.