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Mon 9 Feb 2009 04:26 PM

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RAK Bank posts $173.1m net profit in 2008

Ras Al Khaimah-based bank earns 635.9 million dirhams in 2008, a 58% rise from 2007.

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.  

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