| Kippreport.com

RAKBANK net profit up 10.40pc for first nine months of 2009

October 28, 2009 9:01 by kippreport

RAKBANK reported a net profit of AED530.66 million for the first nine months of 2009, a 10.40 percent increase over last year’s results. The bank also reported a 32 percent increase in net interest income to AED850.87 million, and a 23 percent increase in gross loans and advances compared to the same period last year.

“The past year has been a testing time for the banking industry in general, but in spite of the difficult conditions, RAKBANK has continued to register quarter-or-quarter and year-on-year growth in profits,” says Graham Honeybill, general manager at the bank.

“We are beginning to see signs in the market that economic conditions are slowly improving and the challenges of the financial crisis are easing,” adds Honeybill. “RAKBANK’s liquidity is currently at a comfortable level.  Interbank rates are significantly lower and domestic deposit rates are falling, although the latter remains high for a US dollar-linked currency.  A further fall is necessary as a stimulus to increase bank lending and economic activity.”

Tags: net profit, RAKBANK