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Sun 30 Jan 2011 05:12 PM

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RAK Bank posts 38% rise in full-year profit

UAE lender says net income advanced to AED1bn, driven by increased lending

RAK Bank posts 38% rise in full-year profit
RAK BANK RESULTS: The National Bank of Ras Al Khaimah, the lender known as RAK Bank, on Sunday posted a 38 percent rise in full-year net profit driven by increased lending.

The National Bank of Ras Al Khaimah, the lender known as RAK
Bank, on Sunday posted a 38 percent rise in full-year net profit driven by
increased lending.

Net income advanced to AED1bn ($273m) or AED0.87 a share,
from AED726.1m, or AED0.63 a year earlier, the bank said in a statement to the
Abu Dhabi bourse. 

Revenue gained 28 percent to AED2.2bn while net operating
profit climbed 30 percent to AED1.27bn, the bank said.

RAK Bank booked credit losses of AED269.8m in the period, a
rise of 7.1 percent on 2009.

Impairment charges for the fourth quarter of 2010 were
AED59.5m, down from AED81.3m in the first quarter. 

Graham Honeybill, general manager, RAK Bank, said the bank
had performed well in sluggish market conditions. 

“We also took advantage of the significant business
opportunities identified in the first six months of the year to increase
lending volumes,” he said in an emailed statement.

The lender has 29 branches across the UAE and plans to open
a further eleven by the end of 2012.