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UAE- RAKBank Q1 profit up 28% on growing customer base  Join our daily free Newsletter

MENAFN - Khaleej Times - 20/04/2011

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(MENAFN - Khaleej Times) The National Bank of Ras Al Khaimah, known as RAKBank, on Tuesday declared over 28 per cent jump in its net profit in the first quarter, compared to same period last year as net interest of the bank rose.

The bank announced a net profit of Dh293.1 million for the quarter ended 31st March 2011, reflecting a 28.5 per cent growth compared to the first quarter of 2010 and 7.4 per cent over the fourth quarter of 2010.

"The bank's first quarter net profit reflects the growth in .... customer base across a wide range of personal and small business segments, which is largely driven by our continual focus on .... customer service," General Manager Graham Honeybill said in a statement.

The bank's net interest income grew by 19.4 per cent to Dh445.2 million compared to March 31, 2010. Gross Loans and Advances stood at Dh17.6 billion an increase of 4.8 per cent over 31st December 2010 and an increase of 19.3 per cent compared to March 31, 2010. Fee and commission income was up by 34.9 per cent compared to March 31, 2010 to Dh186.6 million, a reflection of increased volumes of processed business year-on-year.

The bank has taken adequate provisions on its loan portfolio during the three months. Total impairment charge for the quarter, which stood at Dh78.6 million, was lower by Dh2.6 million compared to the same period last year.

"RAKBank continues to follow a measured approach to expansion, with a focus on maintaining a consistent and sustainable level of growth through a careful lending policy, while actively seeking new opportunities in the market such as the launch of Rakbank Prepaid Cards and the expansion of the bank's e-solutions portfolio .... and, more recently, Mobile Banking," Honeybill added.

Total assets as at March 31, 2011 were Dh22.3 billion, an increase of 4.3 per cent over 31st December 2010 and a 22.3 per cent increase compared to 31st March 2010.

The growth in the asset book has been supported by a combination of increases in customer deposits and shareholders' equity.

Customer deposits were up by Dh1 billion, a 6 per cent increase from 31st December 2010 and a 28.6 per cent increase compared to March 31, 2010 from a combination of term and transaction deposits.

During the quarter, the bank purchased investments worth Dh225.9 million, and investments totalling Dh55.1 million matured leaving an outstanding portfolio of Dh944.7 million at the end of March. The bank intends holding all investments to maturity and does not anticipate any loss on any of its investments, all of which are in the names of domestic institutions.

RAKBank's advances to deposits ratio stood at 92.5 per cent as per the Central Bank of UAE guidelines and the bank's liquid asset ratio was comfortable at 18.1 per cent of total assets. The share capital of the bank increased to Dh1.39 billion from Dh1.15 billion after distribution of a 20 per cent stock dividend. Total shareholder's equity stood at Dh3.78 billion at the end of March.

The bank's capital adequacy ratio as per Basel I at end of the quarter was 18.9 per cent composed entirely of Tier 1 capital against a current minimum of 12 per cent of Tier 1 capital prescribed by the Central Bank of the UAE. If the seven-year loan of the Ministry of Finance is taken into account, which is eligible to be treated as Tier 2 capital, then the overall capital adequacy ratio stands at 22.6 percent.

Abdul Basit


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