Ras Al Khaimah Bank has announced that it has recorded positive growth in the first quarter of the year.
In its interim update, the group announced that its profits had increased 13 per cent year-on-year during the first three months of 2009, with total profits hitting AED160.37 million, compared to AED142 million in the same period last year.
Meanwhile, operating income was also up, with a 21 per cent rise taking the total to AED366 million.
Graham Honeybill, the bank's general manager, said that the easing in interbank lending rates had helped to mitigate the high costs of deposits, adding that profits would have been higher had these costs been less substantial.
The company also comfortably exceeded the ten per cent capacity adequacy ratio set down by the Central Bank, with this result standing at 16.45 per cent at the end of the quarter.
RAK Bank is currently involved in a number of promotions designed to boost service levels for its customers and has recently teamed up with Royal Brunei Airlines to offer flights to London for AED645.