Meanwhile, the bank also put in a strong fourth-quarter performance, ending the year with a 42 per cent increase in net profits, which stood at AED155.3 million.
And in further news that may be of interest to those who are interested in buying property in Ras Al Khaimah, the national bank's total revenues grew to AED1.35 billion in 2008, compared to AED 902.9 million the previous year.
"Last year we have recorded the best year in the bank's history," said Graham Honeybill, RAK Bank general manager, speaking to Emirates Business last week.
David Martin, an RAK Bank business adviser, also confirmed that the institution had seen a rise in customer numbers and was planning on hiring more staff to meet demand for the bank's celebrated services.
Emirates Business also reports that the organisation will be looking to expand into the UAE property market further in 2009 and is proposing a 30 per cent distribution of bonus shares.