2.1 billion dirhams in RAK Bank profits in 2024

Yesterday, the National Bank of Ras Al Khaimah announced its financial results for the year 2024, recording a net profit after tax of 2.1 billion dirhams, an increase of 16% on an annual basis, and profits before tax of 2.3 billion dirhams, an increase of 27% on an annual basis, achieving a historical achievement as the highest All-time income of 4.7 billion dirhams, an annual increase of 7%, with total customer loans and advances exceeding 50 billion dirhams, An increase of 19% year on year.

The bank stated, in a statement, that operating income increased in the fiscal year 2024, by 7% on an annual basis, supported by a net interest margin of 4.5%, the growth of diversified assets and a stable and loyal current and savings account (CASA) customer base, in addition to an increase in income from Other than the benefits. Operating expenses recorded 1.7 billion dirhams, achieving an increase of 3.6% on an annual basis, while customer deposits amounted to 59.6 billion dirhams, achieving a growth of 18.4% on an annual basis, with the percentage of current and savings accounts reaching 62.7%, remaining among the highest in the sector. The banker. The bank’s Board of Directors recommended distributing cash dividends of 50 fils per share, which means an increase of about 60% over the 2023 dividends, which amounted to 31 fils per share.