(MENAFN - Khaleej Times) National Bank of Ras Al Khaimah, known as Rakbank, on Wednesday announced that its net profit for the first nine months jumped by 10.4 per cent to Dh530.66 million, compared to the same period last year, due to continued growth in its chosen segments of small business finance, personal loans, mortgages and credit cards.
Over the nine-month period, the bank's net interest income increased by 32 per cent to Dh850.87 million, compared to the same time last year. Gross loans and advances stood at Dh13.17 billion, a 17 per cent increase over the nine month period and a 23 per cent increase over the same time last year.
"The past year has been a testing time for the banking industry in general, but in spite of the difficult conditions, Rakbank has continued to register quarter-or-quarter and year-on-year growth in profits," said Graham Honeybill, General Manager at the bank. "We remain one of the most profitable banks in the Middle East region in terms of return on capital and equity. By continuing to seek good lending opportunities, we have strengthened our position as one of the largest credit card providers in the country and an important provider of mortgage and SME finance."
The bank's capital adequacy ratio as at September 30, 2009 stood at 15.05 per cent, against a minimum of 11 per cent mandated by the central bank.
This ratio will be boosted to 20 per cent once deposits received from the Ministry of Finance are included in the calculation upon completion of legal formalities. The advances to deposits ratio stood at a comfortable level of 93.6 per cent as per the UAE Central Bank calculations.