National Bank of Ras Al Khaimah reported a 28.7 per cent jump in its third-quarter net profit driven by a growth in customer deposits and all segments of banking.
The lender reported a net profit of Dh452.1 million ($123.09 million) in the July-September period, RAKBank said in a filing to the Abu Dhabi Securities Exchange, where its shares are traded.
Total income during the period rose 24.2 per cent to more than Dh1.1 billion.
“As a leading SME bank in the UAE, we remain steadfast in our support of entrepreneurs and start-ups,” Raheel Ahmed, group chief executive of RAKBank, said in a statement.
“Our existing customers continue to trust and engage with us as we remain committed to delivering awesome customer experiences.”
The bank said it reported its highest-ever net profit of Dh1.35 billion, up 54 per cent, in the first nine months of the year. Total income increased 35.4 per cent to Dh3.3 billion during the period. The company’s total assets surged 10.2 per cent to Dh72 billion.
Wholesale banking revenue jumped 19.2 per cent, while business banking and retail banking reported an increase of 9.3 per cent and 4.8 per cent, respectively, in the January-September period. Customer deposits increased 16 per cent on a yearly basis to Dh48.5 billion, RAKBank said.
Card spends increased by 20 per cent year-on-year and the bank’s digital platform was accessed 11.4 million times during the quarter, marking an 18 per cent annual increase, Mr Ahmed said. It disbursed Dh595 million in business loans in the previous quarter.
Despite growth, RAKBank said it also acknowledged the challenges of "inflation, rising interest rates and geopolitical developments".
“[However,] despite these factors, we remain focused on delivering consistent results, in line with our strategic ambitions,” Mr Ahmed said.
RAKBank is investing up to Dh600 million until 2026 as part of its strategy to increase the digitalisation of its services and develop new business lines as it looks to broaden its revenue base and boost growth, Mr Ahmed told The National in February.
The UAE banking sector is well capitalised with adequate liquidity buffers and remained resilient last year against the risk of stagflation and market uncertainties in central bank’s stress-testing exercise, the UAE Central Bank said in its Financial Stability Report 2022 in July.
RAKBank’s operating expenses soared more than 10 per cent in the first three quarters to Dh1.2 billion. The bank attributed this increase to staff related costs, depreciation, marketing and technology expenses.
The bank’s total cash and cash equivalents stood at Dh3.5 billion as of September 30, while net cash generated from operating activities reached Dh1.1 billion.
The capital expenditure reached Dh110.8 million during the first nine months of the years against Dh58.7 million in the same period last year. This increase was primarily due to the initiatives related to digitisation, regulatory compliance and customer protection, RAKBank said.
RESULT
Valencia 3
Kevin Gameiro 21', 51'
Ferran Torres 67'
Atlanta 4
Josip Llicic 3' (P), 43' (P), 71', 82'
The specs
Engine: 3.8-litre V6
Power: 295hp at 6,000rpm
Torque: 355Nm at 5,200rpm
Transmission: 8-speed auto
Fuel consumption: 10.7L/100km
Price: Dh179,999-plus
On sale: now
UAE currency: the story behind the money in your pockets
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
UAE and Russia in numbers
UAE-Russia ties stretch back 48 years
Trade between the UAE and Russia reached Dh12.5 bn in 2018
More than 3,000 Russian companies are registered in the UAE
Around 40,000 Russians live in the UAE
The number of Russian tourists travelling to the UAE will increase to 12 percent to reach 1.6 million in 2023
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Elvis
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The Sky Is Pink
Director: Shonali Bose
Cast: Priyanka Chopra Jonas, Farhan Akhtar, Zaira Wasim, Rohit Saraf
Three stars
The Pope's itinerary
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
Results
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Types of fraud
Phishing: Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
Smishing: The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
Vishing: The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
SIM swap: Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
Identity theft: Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
Prize scams: Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
* Nada El Sawy
The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
