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57927
Tue, 04/28/2009 - 15:14
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https://oananews.org//node/57927
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RAKBANK achieves 13% growth in first quarter profits
Ras al-Khaimah, April 28, 2009 (WAM) - RAKBANK has reported a net profit of Dh160.37 million for the first quarter of 2009, a 12.7% increase over the same period last year. The bank's performance during the quarter, which ended 31st March 2009, remains positive despite adverse market conditions, with the Personal Banking portfolio continuing to grow in line with the bank's targeted expansion.
The bank's net interest income increased by 34% from the same period last year to reach Dh248 million. Gross Loans and advances stood at Dh11.9 billion, a 5% increase over end of year 2008 and a 30% increase over the first quarter last year. Fee, commission and other income at Dh118 million was marginally up compared to the same period last year.
The bank's capital adequacy ratio at the end of the quarter stood at 16.45%, against a minimum of 10% as prescribed by the UAE Central Bank. Total assets at the end of the quarter were Dh14.5 billion, a 4% increase from the end of 2008 and a 23% increase compared to end of the first quarter last year. The growth in assets was mainly due to a rise of Dh600 million in loans and advances.
RAKBANK's investment portfolio was at Dh520 million at the end of the quarter against Dh645 million at the end of last year, the decline being due to maturity of investments. The bank has said that it intends to hold all investments to maturity with no loss expected on any of its investments. The bank has no direct or indirect exposure to any Sub-prime or similarly structured product.
The growth in the asset book has been supported by a combination of increases in customer deposits and shareholders' equity. Customer deposits were at Dh10.56 billion and up by Dh903 million from 31st December 2008 due to a combination of term and transaction deposits.
During the quarter, US$100 million tranche of the medium term notes programme matured.
The Share capital of the bank increased to Dh962 Million from Dh740 Million after distribution of a 30% stock dividend. Total shareholder's equity increased to Dh2.21 Billion. The bank carries a stable outlook, according to leading rating agencies.
The bank's net interest income increased by 34% from the same period last year to reach Dh248 million. Gross Loans and advances stood at Dh11.9 billion, a 5% increase over end of year 2008 and a 30% increase over the first quarter last year. Fee, commission and other income at Dh118 million was marginally up compared to the same period last year.
The bank's capital adequacy ratio at the end of the quarter stood at 16.45%, against a minimum of 10% as prescribed by the UAE Central Bank. Total assets at the end of the quarter were Dh14.5 billion, a 4% increase from the end of 2008 and a 23% increase compared to end of the first quarter last year. The growth in assets was mainly due to a rise of Dh600 million in loans and advances.
RAKBANK's investment portfolio was at Dh520 million at the end of the quarter against Dh645 million at the end of last year, the decline being due to maturity of investments. The bank has said that it intends to hold all investments to maturity with no loss expected on any of its investments. The bank has no direct or indirect exposure to any Sub-prime or similarly structured product.
The growth in the asset book has been supported by a combination of increases in customer deposits and shareholders' equity. Customer deposits were at Dh10.56 billion and up by Dh903 million from 31st December 2008 due to a combination of term and transaction deposits.
During the quarter, US$100 million tranche of the medium term notes programme matured.
The Share capital of the bank increased to Dh962 Million from Dh740 Million after distribution of a 30% stock dividend. Total shareholder's equity increased to Dh2.21 Billion. The bank carries a stable outlook, according to leading rating agencies.
