Rakbank profits up 14.2 percent

Rakbank has reported a net profit of AED726.15 million for 2009, reflecting a 14.2 percent growth in profits compared to the previous year, according to a statement issued by the lender.

“The operating environment in 2009 was probably the most difficult the bank has ever faced,” said Graham Honeybill, general manager. “Liquidity issues which materialised at the end of 2008 continued into the early part of 2009 and there was a significant increase in delinquencies in the retail segment. Despite these considerable challenges the bank continued to seek good business in line with its strategy and the results reflect the success of this effort.”