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Al Etihad
2 days ago
- Al Etihad
RAKBANK posts record profit before tax of Dh1.58 billion for H1 2025, up 26%
21 July 2025 19:24 RAS AL KHAIMAH (ALETIHAD)RAKBANK has reported a record profit before tax of Dh1.58 billion for the first half of 2025, marking a 26% year-on-year increase, driven by robust growth in non-interest income and continued strength in asset bank's total income rose 9.5% to Dh2.68 billion in H1 2025, while total assets expanded 18.1% year-on-year to Dh95 billion. Customer deposits stood at Dh61.1 billion, reflecting a 4.5% rise. The CASA (current and savings account) base grew to Dh40.48 billion, with a CASA ratio of 66%—one of the highest in the profit after tax for the first half reached Dh1.374 billion, up 26.1% from the same period last year. For the second quarter alone, net profit stood at Dh669 million, a 22% increase profit for H1 2025 was Dh1.68 billion, up 7.7% year-on-year, though operating expenses also rose 12.9% due to investments in technology, data, people, and customer experience. The cost-to-income ratio increased slightly to 34.6% from 33.6%.Gross loans and advances grew 17.4% year-on-year to Dh51.38 billion, with wholesale banking loans rising by 33%, in line with the bank's diversification quality continued to improve, with the net impairment charge to average loans ratio reducing sharply to 0.7% from 1.7% a year ago. The impaired loan ratio declined to 1.9% from 2.4%, while provisions to gross loans fell to 5.2% from 6.2%.Return on equity rose to 22.1% from 20.4%, and return on assets improved to 3.1% from 2.9%. The bank maintained a strong capital position with a capital adequacy ratio of 18.8%, up from 18.0% a year earlier. Commenting on the results, Raheel Ahmed, CEO of RAKBANK, said: 'We are pleased to deliver a record first-half profit driven by continued income momentum, robust asset growth, and sustained credit quality improvements. These results reinforce our strategy of building a more diversified, resilient, and future-ready bank.' Source: Aletihad - Abu Dhabi
Zawya
5 days ago
- Zawya
UAE developer Arada seeks $500mln Islamic bond as construction booms
United Arab Emirates property firm Arada Developments is seeking up to $500 million from an Islamic bond, or sukuk, two sources familiar with the matter said, as it joins other property firms tapping debt markets amid a construction boom in the Gulf state. Sharjah-based Arada would join a slew of Gulf property firms to issue bonds this year, which have tapped debt markets for financing needs and to capitalise on a real estate boom as Gulf countries accelerate economic diversification strategies. Arada plans to launch the bond next week and use funds from the debt sale to acquire new land, the sources said, declining to be named because they were not authorised to speak publicly. The plan was not yet finalised, they said. A spokesperson for Arada did not respond to a Reuters request for comment. Arada last tapped debt markets in September for a $150 million tap of its $400 million sukuk due 2029 which attracted strong demand and offered a yield of more than 7%. In the Middle East and North Africa, issuers raised a record $32.2 billion through sukuk in the six months to June 30, according to LSEG data, defying tariff uncertainty, geopolitical tensions and volatile oil prices. Regional developers which have raised Islamic debt this year include Dubai's Sobha Realty and Omniyat, both raising $500 million in May. Arada was established in 2017 by Sharjah's deputy ruler, Sheikh Sultan bin Ahmed AlQasimi and Prince Khaled bin Alwaleed bin Talal AlSaud, the son of Saudi billionaire Prince Alwaleed Bin Talal. It has projects and assets in its home country, and expects to launch sales and construction in Australia by the end of 2025. The company posted total revenue of $1.1 billion last year, up around 40% from 2023, according to a company presentation. (Reporting by Hadeel Al Sayegh and Federico Maccioni; Editing by Anousha Sakoui and Rachna Uppal)
Zawya
14-07-2025
- Zawya
Sharjah Ruler approves $91.2mln in housing support for 431 families
His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, has approved a new batch of housing support beneficiaries in the emirate of Sharjah, allocated for urgent cases, with a budget of AED335 million. A total of 431 families will benefit, including 133 families currently living in rented accommodation, 201 families residing in overcrowded homes with relatives, 61 families living in inherited houses, and 36 families in old and structurally unfit homes. All these applications fall under the grant category, and beneficiaries will receive ready-built government housing. The approval was announced by Khalid bin Butti Al Muhairi, Chairman of the Sharjah Department of Housing, during a phone-in segment on the 'Direct Line' programme, broadcast on Sharjah Broadcasting Authority.
