Posted by Bob Brunskill
The national bank of Ras Al Khaimah, RAKBank, has reported a 31 per cent increase in net profit for the second quarter of 2010 compared to the same period last year.
In a statement, the bank revealed a net profit of Dh240.24 million for this year's second quarter, up on the Dh183.44 million recorded in the corresponding period of 2009, Gulf News reported.
The figures also showed that the bank's net interest income for the quarter rose 37 per cent to Dh394.15 million while its fee and commission income rose 22 per cent to Dh135 million.
Graham Honeybill, RAKBank general manager, said: "The bank’s second quarter result reflects the growth in the bank's customer base across a wide range of personal and small business segments which is emphasised by our continual focus on excellent customer service."
The data means that the bank's net profit for the first six months of the year rose 36.2 per cent, Gulf News said.
Meanwhile, it was reported last week that work has restarted on the Dh3 billion La Hoya Bay project in AL Marjan Island, Ras Al Khaimah, after the developer confirmed the availability of new funding.