RAK Bank posts $173.1m net profit in 2008

zoom

MONEY WISE: RAK Bank's total assets as of 31 Dec 2008 were 13.92bn dirhams - a 27% increase over 2007. (Getty Images)

The National Bank of Ras Al Khaimah (RAK Bank) made 635.9 million dirhams ($173.1m) net profit in 2008 – 58% rise from a year earlier, a press release said on Monday.

Graham Honeybill, RAK Bank General Manager said: “The greatest challenge for 2009 is sourcing sufficient customer deposits at a realistic rate in order to be able to grow our loan book.”

The bank, which is predominantly a retail institution, also said that the liquidity situation continues to remain one of concern despite the monetary infusions by the finance ministry and the emergency liquidity support provided by the UAE central bank.  

The bank did not provide any quarterly figures.

Its total assets as of 31 December 2008 were 13.92bn dirhams - a 27% increase over 2007.  The principal growth was seen in loans and advances.  The Bank’s overall investment portfolio was 645 million dirhams as of the end of the year.  

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM