2024-04-26 22:03:45
RAKBANK achieved a record quarterly net profit after tax of 574.2 million dirhams in the first quarter of the year, representing growth of 27.5% (and an increase of 39.7% before tax).
This was driven by continued momentum on both sides of the balance sheet and net interest income reached AED879.5 million, an increase of 11.5% year-on-year, supported by strong commission income from AED 294.9 million, an increase of 9.6% year-on-year. over a year.
Raheel Ahmed, Group CEO, said: I would like to begin my message by sincerely thanking our wise leadership in the UAE and commending the efforts made by those involved, be it the police, first response teams, ambulances, civil defense. municipal teams or cleaning agents. And others who worked tirelessly to restore basic services and provide relief and relief services to residents and tourists during the unprecedented weather depression that hit the country.
He highlighted that the strategic transformation phase the bank is facing is going well, as we take big steps towards transforming into a digital bank with a human dimension. Based on the diversification strategy we are adopting at the bank, corporate loans and advances have crossed the threshold of ten billion UAE dirhams. Our institutional and commercial banking services now represent 28% of our revenues and 40% of our pre-tax revenues. In addition, the Bank’s fee income increased by 9.6% year-on-year, further diversifying our sources of income.
He added: “We continue to enhance our investments in technology and data with the aim of providing better services to our customers while maintaining rigor in managing operational efficiency. This is reflected in the operating ratio, which reached 33.1% in the first quarter of 2024 (an average decrease of 236 basis points compared to the first quarter of 2023).
We concluded significant transactions in the first quarter of 2024. We signed an agreement with DP World, where we will leverage their extensive network and real-time data to provide our clients with better trade finance services. He highlighted that as the country’s economy continues to record momentum and growth as we prepare to enter the second quarter, we are closely monitoring rising interest rates and geopolitical developments.
We are also assessing the impact of depression on our clients and studying the best ways to support them.
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