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RAKBANK Posts Net Profit of AED325.3 Million for First Quarter of 2012 - The National Bank of Ras Al-Khaimah (P.S.C.) (RAKBANK) has reported a net profit of AED 325.3 million for the quarter ended 31st March 2012, reflecting a 11% growth compared to first quarter of 2011 and 9.5% over the fourth quarter of 2011 - RAKBANK.ae
RAKBANK Posts Net Profit of AED325.3 Million for First Quarter of 2012

 

NewswireToday - /newswire/ - Dubai, UAE, United Arab Emirates, 2012/06/04 - The National Bank of Ras Al-Khaimah (P.S.C.) (RAKBANK) has reported a net profit of AED 325.3 million for the quarter ended 31st March 2012, reflecting a 11% growth compared to first quarter of 2011 and 9.5% over the fourth quarter of 2011 - RAKBANK.ae.

   
 
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An increase of 11% compared to same period last year

The National Bank of Ras Al-Khaimah (P.S.C.) (RAKBANK) has reported a net profit of AED 325.3 million for the quarter ended 31st March 2012, reflecting a 11% growth compared to first quarter of 2011 and 9.5% over the fourth quarter of 2011.

Commenting on the results, Graham Honeybill, Chief Executive Officer, said “We are pleased with RAKBANK’s first quarter results which reflect the continued growth in the Bank’s customer base across key business segments. By constantly focusing on delivering the highest levels of customer service and enhancing our portfolio of innovative products and services, we are confident that the bank will continue to achieve positive results.”

FUNDED INCOME GROWS BY 21%
The bank has continued to follow a measured approach to expansion, with a focus on maintaining a consistent and sustainable level of growth through a careful lending policy and actively seeks new lending in its chosen fields and continues to see growth in the small business and personal finance segments.

Net interest income at AED 538.2 million grew by 21% compared to 31st March 2011. Gross Loans and advances stood at AED 19.2 billion an increase of 2.7% over 31st December 2011 and an increase of 9.8% compared to 31st March 2011.

During the past three months, the bank has taken adequate provisions on its loan portfolio. The total impairment charge for the quarter at AED 60.5 million, is lower compared to last year and the previous quarter.

NON INTEREST INCOME
Non interest income at AED 154.3 million was down by 28% compared to 31st March 2011. This is primarily because of the impact of regulatory restrictions imposed since May 2011 on fees and charges. However the Bank has achieved a steady growth in various other fee income lines such as investment income, foreign exchange and others. As a result it achieved a growth of 8.5% compared to the previous quarter.

The Bank continues to invest in product development, technology and other delivery channels, in order to remain at the forefront of mobile and online banking in the UAE.

ASSETS & LIABILITIES
Total assets as at 31st March 2012 were AED 24.7 billion, an increase of AED 198.4 million over 31stDecember 2011 and AED 2.4 billion increase compared to 31st March 2011. During the quarter loans and advances grew by AED 508 million, and investments grew by AED 442.9 million. These have been funded through increase in customer deposits, shareholders equity and reductions in placements with Banks.

The Bank’s advances to deposits ratio and liquidity ratio stands comfortably at 92.5% and 18.6% respectively.

Total shareholder’s Equity stood at AED 5.03 billion at the end of March. This will reduce by AED 415.6 million after distribution of cash dividend of 30% for the year 2011 after annual general body approval on 22 April 2012.

CAPITAL ADEQUACY
The Bank’s capital adequacy ratio at end of the quarter was 22.5% composed entirely of Tier 1 capital against a current minimum of 12% of Tier 1 capital prescribed by the Central Bank of the UAE. With the Ministry of finance 7 year loan, which is eligible to be treated as tier 2 capital, the overall capital adequacy ratio stands at 25.8%.

RATINGS
The Bank’ ratings remain unchanged and they are as follows:

• Rating AgencyDepositsFinancial StrengthOutlookSupport
• Moody’sBaa1 / P-2 D+Stable-
• Fitch BBB+ / F2CStable2
• Capital IntelligenceA- / A2BBB+Stable2.

About RAKBANK
RAKBANK (rakbank.ae / rakbankdirect.ae), also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks in the UAE.

RAKBANK offers a wide range of personal and business banking services throughout its 31 branches, as well as its telephone, Online, and Mobile banking channels. The Bank is a leading provider of credit cards and a prominent player in mortgage lending and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, the bank having been voted in 2010 for the fifth consecutive year as as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can contact the Call Centre at +9714 213 0000. You can also connect to RAKBANK via twitter.com/rakbanklive andfacebook.com/rakbank.

 
 
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Written by / Agency / Source: RAKBANK

 
 

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RAKBANK Posts Net Profit of AED325.3 Million for First Quarter of 2012

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Publisher Contact: Riham Osama - RAKBANK.ae 
+971 42915064 riham.osama[.]rakbank.ae
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any RAKBANK securities in any jurisdiction including any other companies listed or named in this release.

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