Latest news with #RAKBANK
Bloomberg
a day ago
- 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
a day ago
- 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
2 days ago
- 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
2 days ago
- 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@
Zawya
15-07-2025
- Business
- Zawya
Momentum builds for MEBIS 2025: Pioneering the future of banking and AI in the MENA Region
Dubai, UAE – With just two months to go, anticipation is building for the highly awaited Middle East Banking Innovation Summit (MEBIS) 2025, the region's premier gathering of banking, fintech, and AI thought leaders. Set to take place on 17-18 September at Jumeirah Emirates Towers in Dubai, MEBIS 2025 is poised to redefine the conversation around the digital transformation of financial services in the Middle East and North Africa (MENA). As the banking sector faces rapid technological disruption, MEBIS 2025 promises to deliver actionable insights and powerful connections. This year's theme, "Banking Reimagined: AI, Innovation & Transformation," will spotlight the transformative role of artificial intelligence, data analytics, automation, and digital identity in reshaping customer experience, security, and operational models. With momentum accelerating, senior executives and experts from leading banks across the UAE, Saudi Arabia, Egypt, Bahrain, Kuwait, Jordan, Qatar, Oman, and beyond have already confirmed their participation. The diverse line-up will include CEOs, CIOs, Chief Innovation Officers, Chief Digital Officers, regulators, and visionary entrepreneurs who will share their strategies, challenges, and success stories on navigating the next wave of banking innovation. This year's summit features an exceptional lineup of influential voices shaping the future of banking, including: Saket Saith, Group Chief Technology and Data Officer, RAKBANK Abdulla Al-Awadi, Chief Strategy Officer, Kuwait International Bank Mahendra Dhillon, Chief Operations & Technology Officer, National Bank of Fujairah Shaarawy Mohamed, Chief Technology & Information Officer, First Abu Dhabi Bank Misr – Egypt Narinder Auluck, Chief Technology Officer, Invest Bank Dr. Muhammad Fathy, Head of Technology Services & IT Operations Sector, Banque du Caire – Egypt Olivier Busolini, Group Chief Information Security Officer, Mashreq Dr. Nasser Head, Information Technology, Alizz Islamic Bank – Oman Archana Shetty, Vice President - IT Projects, QNB Group – Qatar Ledi Lapaj, Director Customer Experience, Bank-al-Etihad – Jordan Ferenc Böle, Head of IT, National Bank of Oman Dr Emmanuel Manyonganise, Head of Customer Experience & Digital Transformation, Bank Albilad - Saudi Arabia Nadeem Khitan, Chief Consumer Banking Officer, Capital Bank of Jordan Dr. Haidar Almohri, Acting Chief Data and Innovation Officer, Gulf Bank – Kuwait Shoaib Rizvi, Group Head of Digital Products, Emirates NBD Islam Nabil Awad, Manager Solutions Architecture - Digital Group, Banque Saudi Fransi - Saudi Arabia Amna AL-Balushi, Chief Information Security Officer, Bank Nizwa - Oman 'The MENA banking industry is at a pivotal moment where AI and digital innovation are no longer optional—they're fundamental to future growth and competitiveness,' said Shail Bisht, Regional Director at MEBIS. 'MEBIS 2025 is designed to bring together the brightest minds to exchange ideas, forge partnerships, and accelerate progress toward a more customer-centric, resilient, and digitally advanced banking ecosystem.' Attendees can look forward to a dynamic two-day agenda featuring: Visionary Keynotes: Exploring the promise and pitfalls of AI-driven transformation in banking. Panel Discussions: Covering topics such as digital payments, open finance, customer centric banking, data driven culture, cybersecurity, and regulatory innovation. Case Studies & Fireside Chats: Sharing real-world examples of successful AI deployments, digital onboarding, and customer engagement strategies from regional banks. Networking Opportunities: Enabling delegates to build connections with industry peers, technology providers, and policy makers shaping the future of finance in MENA. MEBIS 2025 is not just an event, it is a platform where ideas turn into strategies, and strategies turn into real-world impact. As financial institutions navigate challenges like evolving customer expectations, new regulatory frameworks, and heightened cybersecurity risks, the summit provides a timely opportunity to align on best practices and future-proof banking operations. The event is expected to welcome hundreds of senior decision-makers, innovators, and influencers eager to explore how emerging technologies can deliver business value and better serve the region's increasingly digital-first population. By highlighting both global trends and local insights, MEBIS 2025 aims to empower the region's banks to lead rather than follow in the digital revolution. About MEBIS: Now in its 16th edition, the Middle East Banking Innovation Summit (MEBIS) stands as the leading annual event that brings together banking professionals and technology innovators to explore the future of financial services in the Middle East and North Africa.
