The National Bank of Ras Al-Khaimah (Rakbank) posted a 25 percent net profit increase in the first nine months of 2002, reaching 55.9 million Emirati dirhams ($15.2 million) compared with Dh 44.5 million during the same period last year.
The bank's assets grew by 14.5 percent from January to September reaching Dh 2.8 billion compared to Dh 2.4 billion at the end of 2001. Rakbank’s customer deposits increased by 21 percent to Dh 2.17 billion compared to Dh 1.79 in December 2001.
Rakbank is a public joint stock company, headquartered in the United Arab Emirate (UAE) of Ras Al-Khaimah. The bank is 50.11 percent owned by the government of Ras Al-Khaimah, 39.41 percent by UAE companies and nationals and 10.48 percent by the citizens of Kuwait. — (menareport.com)
© 2002 Mena Report (www.menareport.com )