Latest news with #RAKBANK
Zawya
11 hours ago
- Business
- Zawya
RAKBANK becomes the first UAE conventional bank to facilitate crypto brokerage service
Dubai, UAE: RAKBANK has announced the launch of its crypto brokerage service via its mobile app for retail customers, becoming the first conventional bank in the UAE to enable crypto trading services for its customers. With this new offering, RAKBANK customers can buy, sell, and swap cryptocurrencies by accessing Bitpanda's crypto trading platform through RAKBANK's mobile banking app. The platform is owned and operated by Bitpanda, to which RAKBANK facilitates the access. All transactions will take place in AED, eliminating foreign currency transfer fees and forex losses altogether. What's more, transactions are executed directly from the customer's RAKBANK current or savings account, avoiding the need for lengthy and inefficient processes to move money in and out of crypto exchanges. The transaction is fulfilled through our partner Bitpanda's best-in-class platform. This milestone is powered by RAKBANK's partnership with Bitpanda, one of the world's most trusted and scalable digital asset infrastructure providers, via its group´s Dubai's Virtual Assets Regulatory Authority (VARA) regulated entity Bitpanda Broker MENA DMCC. Bitpanda is also regulated by multiple European regulators. Its institutional service, Bitpanda Technology Solutions, is already trusted by leading global financial institutions, including Deutsche Bank, Raiffeisen Bank, and N26. With this launch, RAKBANK will be providing its customers with seamless, fast, and efficient access to digital assets in a fully regulated way. Raheel Ahmed, Group CEO of RAKBANK, commented: 'RAKBANK has been a leader and pioneer in digital assets among UAE banks, and we are proud to be the first conventional bank in the UAE to enable simple, secure, and regulated access to a world class digital assets platform. We recognize the opportunity this solution will provide to customers in the UAE, as we believe they deserve a more efficient and seamless crypto buying, selling and swapping journey that is fully regulated and entirely in AED. With this service through our award winning digital app and collaboration with a leading crypto trading platform, we are staying true to our strategy of being the digital bank with a human touch.' Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, commented: 'Collaborating with RAKBANK is a big moment for digital assets in the region. Together, we're showing how crypto can be offered in a safe, regulated, and simple way - directly from a major conventional bank that customers already trust. This is exactly how the future of finance should look: simple, compliant, and built to meet real user needs.' The service is currently by invitation only and will be rolled out to more customers over the coming months. About Bitpanda Bitpanda was founded in Vienna in 2014 and is the leading European crypto platform. With a selection of over 3,200 digital assets, including more than 600 crypto assets and numerous stocks*, ETFs*, precious metals and commodities, the Austrian fintech unicorn offers one of the most comprehensive ranges of digital assets available in Europe. Already trusted by over 6.5 million users, and dozens of institutional partners, Bitpanda holds licences in several countries, and has a proven track record of working with local regulators to keep assets safe and secure. This makes Bitpanda one of the safest and most strictly regulated trading platforms in the industry. In addition to its headquarters in Vienna, Bitpanda has offices in Barcelona, Berlin and Bucharest. About RAKBANK RAKBANK, also known as the National Bank of Ras Al Khaimah (P.S.C), is one of the UAE's oldest yet most dynamic banks. Since 1976, RAKBANK has been a market leader, offering a wide range of banking services across the UAE. We're a public joint stock company based in Ras Al Khaimah, UAE, with our head office located in the RAKBANK Building on Sheikh Mohammed Bin Zayed Road. The Government of Ras Al Khaimah holds the majority of our shares, which are publicly traded on the Abu Dhabi Securities Exchange (ADX). RAKBANK stands out for its innovation and unwavering commitment to delivering awesome customer experiences. Our transformative digital journey aims to be a 'digital bank with a human touch,' accompanying you during key moments. With 20 branches and advanced Digital Banking solutions, we offer a wide range of Personal, Wholesale, and Business Banking services. Through our Islamic Banking unit, RAKislamic, we provide Sharia-compliant services to make your banking experience seamless, whether you visit us in person or online. For more information, please visit or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with us on our social media platforms:
Bloomberg
22-07-2025
- Business
- Bloomberg
Ahmed: UAE's Economy Remains Resilient
UAE's RAKBANK has reported pre tax profit for the first half of the year at AED 1.5 billion. That's a 26% jump year on year, which the bank says has been driven by non-interest income growth and an improvement in asset quality. Raheel Ahmed, CEO of RAK Bank spoke to Bloomberg's Horizons Middle East and Africa anchor Joumanna Bercetche on the growth. (Source: Bloomberg)
Zawya
22-07-2025
- Business
- Zawya
UAE's RAKBANK posts double-digit rise in H1 net profit to $374mln
UAE-listed lender RAKBANK posted a net profit of AED 1.374 billion ($374 million) for the first half of the year, marking a 26% growth over the same period in 2024. Net earnings for the second quarter stood at AED 669 million, also rising by 22% from a year earlier, the bank reported on Monday. The significant jump in income has been attributed to higher non-interest earnings and better credit quality. The bank's operating profit went up by 7.7% to AED 1.68 billion in the first half, while total assets also expanded by 18.1% to AED 95 billion. Gross loans and advances grew by 17.4% to AED 51.3 billion over the same period, reflecting the expansion across all segments, including wholesale banking loans, which went up by 33%. Return on equity (ROE) stood at 22.1%, an improvement from 20.4%, while return on assets (ROA) was pegged at 3.1%, up from 2.9% a year ago. (Writing by Cleofe Maceda; editing by Seban Scaria)
Al Etihad
21-07-2025
- Business
- 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
21-07-2025
- Business
- Zawya
RAKBANK delivers record profit before tax of AED 1.5bln, up 26%
Ras Al Khaimah, United Arab Emirates - The National Bank of Ras Al Khaimah (RAKBANK) today reported its financial results for first Half of 2025. Key Financial Highlights – H1 2025 Profit after tax of D 1,374M for H1'25 up 26.1% over H1'24. Profit after tax for Q2'25 was D 669M, reflecting an increase of 22% YoY Operating Profit of D 1,680M up 7.7% YoY on the back of strong growth in balance sheet and continued non-interest income momentum Operating Expenses grew by 12.9% vs last year driven by continued investments in technology, data, people and customer experience. Cost to income ratio (CIR) at 34.6% vs. 33.6% for H1'24 Total Assets grew by 18.1% YoY to D 95B, with Gross loans & advances increased to D 51.3B mark, an increase of 17.4% YoY. Growth in loans driven by all segments, with Wholesale Banking loans growing by 33.0% YoY, aligning with the Bank's diversification strategy CASA deposit base grew to D 40.4B, up 12.2% YoY, with CASA1 ratio of 66%, one of the highest in the industry Portfolio credit quality remains robust with Net Impairment charge to average loans and advances ratio at 0.7% against 1.7% during the same period last year, resulting from a strategic shift in business mix towards secured, low risk assets as well as favorable economic and credit environment The impaired loan ratio for H1'25 improved to 1.9% against 2.4% for H1'24 while 'Provisions to Gross Loans' ratio was 5.2% compared to 6.2% as of H1'24, providing adequate coverage Shareholder returns improved with Return on Equity (ROE) of 22.1% against 20.4% in H1'24 and Return on Assets (ROA) of 3.1% against 2.9% in H1'24 The Bank remains well capitalized with capital adequacy ratio (CAR) of 18.8% as at H1'25 against 18.0% as at H1'24 Strong liquidity position is reflected by an Eligible Liquid Asset Ratio of 15.1% vs. 15.5% at H1'24 and Lending to Stable Resources Ratio at 80.7% vs. 79.4% at H1'24 -Ends- About RAKBANK RAKBANK, also known as the National Bank of Ras Al Khaimah (P.S.C), is one of the UAE's oldest yet most dynamic banks. Since 1976, RAKBANK has been a market leader, offering a wide range of banking services across the UAE. We're a public joint stock company based in Ras Al Khaimah, UAE, with our head office located in the RAKBANK Building on Sheikh Mohammed Bin Zayed Road. The Government of Ras Al Khaimah holds the majority of our shares, which are publicly traded on the Abu Dhabi Securities Exchange (ADX). RAKBANK stands out for its innovation and unwavering commitment to delivering awesome customer experiences. Our transformative digital journey aims to be a 'digital bank with a human touch,' accompanying you during key moments. With 21 branches and advanced Digital Banking solutions, we offer a wide range of Personal, Wholesale, and Business Banking services. Through our Islamic Banking unit, RAKislamic, we provide Sharia-compliant services to make your banking experience seamless, whether you visit us in person or online. For more information, please visit or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with us on our social media platforms: For more information, please contact: Suzana Saoud Senior Account Manager Gambit Communications Suzana@
