RAKBANK delivers Dh704 million net profit in Q1 2025
21 Apr 2025 19:04
ABU DHABI (AlETIHAD)The National Bank of Ras Al Khaimah (RAKBANK) reported a profit after tax of Dh704 million for the first quarter of 2025, marking a 22.7% increase over the Dh574 million recorded in Q1 2024.According to the bank's latest financial disclosures to the Abu Dhabi Securities Exchange (ADX), this performance was driven by a 10.7% year-on-year increase in total income, which reached Dh1.3 billion. The growth was attributed to continued momentum in the bank's balance sheet and a strong rise in non-interest income.Founded in 1976, RAKBANK is a market leader in providing a wide range of banking services across the UAE. It is a public joint stock company headquartered in the emirate of Ras Al Khaimah. It is majority-owned by the government of Ras Al Khaimah. The bank was listed on the ADX in 2025 and its net capitalisation stood at Dh12.772 billion, according to latest ADX data. Net interest income for the quarter rose by 1.4% year-on-year (YoY) to Dh867 million, while non-interest income recorded a significant 47% increase, reaching Dh433 million.RAKBANK's total assets stood at Dh90.8 billion as of March 31, 2025, reflecting a 15.5% growth compared to the same period last year. The bank's gross loans and advances portfolio grew by 16.7%, reaching Dh50.4 billion.Customer deposits also saw healthy growth, increasing by 10.2% year-on-year to Dh61.0 billion.Operating expenses for the quarter were Dh434 million, reflecting an 11.8% rise compared to Q1 2024. The increase was mainly due to ongoing investments in technology, data, people, and customer experience. Despite this, the bank maintained operational efficiency with a cost-to-income ratio of 33.4%.On the asset quality front, the non-performing loans (NPL) ratio improved to 2.1%, down from 2.6% in Q1 2024, underscoring the bank's prudent credit risk management and recovery efforts.RAKBANK also remained well-capitalised, reporting a capital adequacy ratio of 18.6%, up from 17.2% in the same period last year.Raheel Ahmed, Group CEO of RAKBANK, commented:
'We've kicked off 2025 with a record-breaking performance, marking the strongest quarter in RAKBANK's history – a profit before tax of Dh772 million. We also crossed Dh90 billion in total assets for the first time in our history – a major milestone that reflects our strong momentum, the quality of our products and services, and the deep trust our customers continue to place in us.'
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