RakBank reports 26pc rise in profit to Dh95.1m for 2003

RakBank reports 26pc rise in profit to Dh95.1m for 2003 ABU DHABI, Mar 21, 2004 (WAM) — The National Bank of Ras Al Khaimah (RakBank) reported a record net profit of Dh95.1 million for the year ending December 31, 2003, an increase of 26 per cent over the previous year’s profit of Dh75.5 million. This is the third year in a row that profits have grown in the region of 20-26 per cent, according to a report in +Gulf News.+ During the bank’s annual general meeting held yesterday, shareholders approved a dividend of 21 per cent, to be distributed as 11 per cent cash and 10 per cent shares. The meeting was presided over by Sheikh Omar bin Saqr Al Qasimi, acting chairman of the board, who said that the income growth led the profit surge while net interest income increased by 21 per cent, and non-interest fees, commissions, and foreign exchange sources increased by 58 per cent. The bank’s strategic focus on providing customer value in its services and products continues to differentiate it within the market and resulted in strong returns in non-interest revenue. New products designed to cater for both the existing and future customer base, including investment services and mortgage finance, were also launched during the year. Total assets of the bank by the end of last year were Dh3.7 billion, a 28 per cent increase from the end of 2002 (Dh2.9 billion). Significant growth in loans and advances to Dh2.5 billion (an increase of 27 per cent) was supported by the attraction of customer deposits which closed at Dh2.9 billion (an increase of 26 per cent) despite the low interest rate climate. According to the briefing presented to the Annual General Meeting, the personal banking portfolio continued to grow throughout the quarter in line with targeted expansion. WAM-VV 11 29 CCCCQQE