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Dubai: The National Bank of Ras Al Khaimah (Rakbank) on Sunday reported a net profit of Dh142.31 million for the quarter ended March 31, a 65 per cent increase over the same period in 2007 and over 30 per cent growth from the previous quarter.
The current quarter's increase continues the bank's recent history of solid growth performance.
Net interest income at Dh185 million increased by 54 per cent compared with March 31, 2007. This was due to growth in the small business, mortgage finance and Credit Card portfolios.
Loans and advances ended the quarter at Dh9.1 billion an increase of 8 per cent over 31 December 2007 and an increase of 24 per cent compared to the 31st March 2007.
The Personal Banking portfolio continued to grow during the quarter in line with targeted expansion. The mortgage loan portfolio saw an increase of 7 per cent over December 2007.
The bank's total equity increased to Dh1.65 billion whilst the annualised ROE (Return on Equity) increased to 35 per cent.
Fee, commission and other income at Dh117 million was 44 per cent up on 31 March 2007. The bank continues with its strategy of enhancing fee income by providing quality service to its customers.
The bank continues to invest in product development, technology and other delivery channels and remains in the forefront of Emiritisation in the banking industry.
Total assets as at March 31 were reported at Dh11.8 billion, a 7 per cent increase over December 31, 2007 at Dh10.97 billion.
This resulted mainly from the growth in net loans and advances by Dh680 million
Asset growth
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 Dh600 million from December 31, 2007 as a result of increases in term deposits.
The bank's liquidity position continues to be strong. The capital adequacy ratio at the end of current quarter stood at 16 per cent, against a minimum of 10 per cent as prescribed by the Central Bank.
Total assets of the bank as at March 31 were reported at Dh11.8 billion, a seven per cent increase over December 31, 2007 at Dh10.97 billion.
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