Rakbank reported a sharp rise in first-half profit as the UAE lender continued to expand its balance sheet, supported by stronger lending, higher deposits and growth in income-generating assets.
Net profit at National Bank of Ras Al Khaimah reached 1.71 billion dirhams in the first half of the current year, compared with 1.37 billion dirhams in the same period last year, an increase of 24.7%. Operating income also climbed to 3.1 billion dirhams, up from 2.5 billion dirhams a year earlier, reflecting growth of 21.5%.
Asset growth strengthens the bank’s position
Total assets rose 14% year on year to 108.6 billion dirhams at the end of June 2026, supported by strong growth in income-generating assets. The bank said this momentum was reflected across its lending and deposit base as well as its investment portfolio.
Gross loans and advances increased 19% year on year to 60.8 billion dirhams, driven by growth across multiple business segments.
Lending expands across key segments
Retail banking loans and advances rose to 25.8 billion dirhams, supported by mortgage finance and resident financing. Business banking loans and advances increased to 11.4 billion dirhams, mainly on the back of small and medium-sized enterprise financing and trade finance.
Corporate banking loans and advances climbed to 23.6 billion dirhams, with the corporate portfolio growing by more than 55% year on year, driven by expansion across the corporate and financial institutions segments.
Investment in securities rose to 22.6 billion dirhams, while balances with other banks remained stable at 16.5 billion dirhams.
Deposits rise 23%
Deposits increased to 75.1 billion dirhams in the first half of the year, compared with 61.1 billion dirhams in the same period last year, representing growth of 23%.