Ras Al Khaimah, UAE — The National Bank of Ras Al Khaimah (RAKBANK) has reported a nearly 71 percent increase in net profit for the first half of 2023 to AED900.8 million ($245.2 million).
Net profit for the second quarter was AED 450.5 million, up 46.6 percent compared to Q2 2022.
Net interest income and income from Islamic products net of distribution to depositors was AED 1.6 billion.
Interest income from conventional loans and investments was up by 80.9 percent compared to H1 2022, and interest costs on conventional deposits and borrowings was up by 278 percent. Net income from Sharia-compliant Islamic financing was up by 9.2 percent.
Non-interest income was up by AED 133.6 million to AED 572.1 million mainly due to an increase of AED 96.1 million in forex and derivative income, investment income increased by AED 31.7 million and net insurance underwriting profit increased by AED 12 million.
This was partly offset by AED 3.8 million decrease in net fee and commission and AED 2.3 million decrease in other operating income.
Raheel Ahmed, Group Chief Executive Officer, RAKBANK, said, “We continue to make strong progress in implementing our new strategy to build a ‘digital bank with a human touch. Our active customer base grew 5 percent YoY.”