The National Bank of Ras Al-Khaimah (Rakbank) posted a 50 percent net profit increase in the first quarter of 2002, reaching 17.6 million Emirati dirhams ($4.7 million) compared with Dh 11.7 million during the same period last year.
During the first three months of 2002, the bank's assets grew by 2.9 percent reaching Dh 2.5 million, up from Dh 2.4 million during the same period in 2001. Rakbank’s personal banking portfolio continued to grow with the mix of loans and advances now representing 55 percent of personal banking and 45 percent in the corporate portfolio.
Rakbank is a public joint stock company, headquartered in the United Arab Emirate 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 )