Posted by Neil King
RAKBANK, also known as the National Bank of Ras Al Khaimah, has reported a net profit of AED 729.8 million for the nine months ended September 30th, 2010, or a 37.5 per cent increase on the same period last year.
Commenting on the performance, RAKBANK general manager Graham Honeybill claimed that it reflected the bank's solid business model and prudent policies.
"With some recovery signs seen in the current economic environment, the bank continues to seek good lending opportunities and remains receptive to market opportunities," he said.
"RAKBANK actively seeks new lending in its chosen fields and has seen particular growth in the small business and personal finance segments."
In addition to its growing profit margin, RAKBANK said that its advances to deposits ratio comfortably stood at 93.4 per cent as per the Central Bank of UAE guidelines.
Founded in 1976, RAKBANK is one of the UAE's oldest local financial institutions and currently serves 340,000 customers through its 28 branches and telephone and online banking channels.