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RAKBANK Posts Strong Results for 2011 - RAKBANK has announced an AED1,203.5 million net profit for 2011, an increase of 20% over 2010 - RAKBANK.ae
RAKBANK Posts Strong Results for 2011

 

PRZOOM - /newswire/ - Dubai, UAE, United Arab Emirates, 2012/04/27 - RAKBANK has announced an AED1,203.5 million net profit for 2011, an increase of 20% over 2010 - RAKBANK.ae.

   
 
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Earnings were impacted as a result of the Central Bank’s recently introduced guidelines on personal lending but the Bank swiftly refocused its business towards SME and other lending opportunities within the consumer banking segments.

“RAKBANK’s very satisfactory results at a time of continuing difficult market conditions are a testament to the Bank’s consistent business strategy and robust performance” said Graham Honeybill, RAKBANK’s CEO. “RAKBANK’s profitability is the result of the bank’s prudent policies and underwriting processes, and more importantly, the Bank’s successful foundation in excellent customer service delivery, which has helped by retaining and expanding our customer base.”

As a result of the business opportunities identified, net interest income increased by 23.4% over 2010 to AED1,984.5 million. Total advances as at 31st December 2011 increased by 12% over the previous year to reach AED18.4 billion whilst total assets jumped by 14.6% to close at AED24.5 billion.

The growth in the asset book has been supported by a combination of increases in shareholders’ equity and customer deposits with total deposits growing by 11.73% to close at AED18.3 billion compared with AED16.4 billion in 2010. Commission was impacted by the new rules on retail lending but overall other income grew by 7.9% to AED652.9 million.

During 2011 RAKBANK increased its Branch and ATM network and currently has 31 branches across the UAE with plans to open 3 more by the end of 2012. The Bank has 145 ATMs with a further 59 planned.

Overall credit losses rose by 11.6% in 2011 to AED301 million primarily as a result of a more conservative profile adopted towards the end of the year and on a much larger asset base.

The liquidity ratio for the year 2011 stood at 19% at the year-end compared to 18.2 % at the end of 2010. The Bank’s Tier 1 ratio as per Basel I at the end of the year was 17.2% against a current minimum of 12% of Tier 1 capital as set by the Central Bank.

RAKBANK (rakbankdirect.ae) will continue to focus on the delivery of quality products for its retail and small business customers allied with a high level of customer service quality. “There are numerous good business opportunities in the market and RAKBANK is well positioned to take advantage of them during 2012” concluded Honeybill.

Ratings
The bank is currently rated by the following leading rating agencies. Their recent ratings have remained unchanged as follows:

• Rating Agency Deposits Financial Strengthoutlook StableSupport
• Moody'sBaa1 / P-2D+Stable
• FitchBBB+ / F2CStable2
• Capital IntelligenceA-/ A2BBB+Stable2

Dividend
The Directors have recommended a stock dividend of 10% and a cash dividend of 25%. The dividend recommended will result in over 71% of the net profit being retained within the Bank’s shareholders’ equity thereby increasing capital and reserves to strengthen the Bank’s overall position and provide support for future growth.

 
 
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Agency / Source: RAKBANK

 
 

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RAKBANK Posts Strong Results for 2011

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Contact: Riham Osama - RAKBANK.ae 
+971 42915064 riham.osama[.]rakbank.ae
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any RAKBANK securities in any jurisdiction including any other companies listed or named in this release.

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