Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAKBANK) has reported net profits of AED 527.40 million in the first half (H1) of 2022, an annual hike of 72.40% from AED 306 million.

The bank's net interest income and net income from Islamic financing went up by 2.70% to AED 1.10 billion in H1-22, compared to AED 1.07 billion in H1-21, according to a press release on Tuesday.

In the first six months (6M) of 2022, the total income dropped by 5.60% year-on-year (YoY) to AED 1.54 billion from AED 1.63 billion.

During the second quarter (Q2) of 2022, the UAE-based lender logged net profits worth AED 307.30 million, a leap of 60% from AED 192.10 million in Q2-21.

Meanwhile, the net interest income and net income from Islamic financing grew by 3.70% YoY to AED 563 million in Q2-22, compared to AED [IE1] 543 million.

Raheel Ahmed, CEO of RAKBANK, said: “Our return on equity is at 12.70% and we continue to maintain an industry leading provision coverage ratio of 142.10%.”

Ahmed added: “We have seen broad based asset growth (7.80% YoY) across all segments of our business, as part of our diversification strategy.”

Furthermore, he noted: “Similarly, we are equally pleased with strong deposit growth (6.80% YoY). We maintained our net interest margins at 3.90%, one of the highest in the industry.”

During the January-March 2022 period, RAKBANK registered AED 220.82 million in net profit attributable to the owners, higher than AED 113.31 million in Q1-21.