RAKBANK Reports Highest Semi-Annual Profit of 901 Million Dirhams

Abu Dhabi – Live: RAKBANK announced its highest semi-annual profit ever, amounting to 901 million dirhams, an increase of 71% compared to the first half of 2022, while total revenue increased year-on-year by 42% to 2.2 billion dirhams.

Customer deposits rose to 49 billion dirhams, an increase of 19% year-on-year, with the share of current and savings accounts accounting for 68%, which is the best deposit in this field, reflecting a growth of 10% year-on-year.

The bank confirmed achieving strong returns for shareholders, with a return on equity of 19.3% and a return on assets of 2.7%, while maintaining high liquidity and good capitalization.

The statement added: “The strong revenues and diversified growth in the balance sheet prompted an increase in the capital adequacy ratio to reach 17.7% in the first half of 2023 compared to 16.8% in the first half of 2022, and we maintained high liquidity with the ratio of regulatory eligible liquid assets amounting to 15.1% for the first half of 2023, and the ratio of advances to stable resources comfortably stabilized at 79.9% ».

And he continued, “The bank’s rights are an enhanced value for shareholders, with an improvement in the return on assets by 2.7%, compared to 1.8% in the first half of 2022, and the ratio of impaired loans improved by 2.5%, compared to 3.4% in the first half of 2022.”

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2023-07-25 19:02:07
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