Building a Bank
for the future 2019 Annual Report


AED 3,979 million Total Income
AED 1,095 million Net Profit
AED 57.1 billion Total assets
AED 36.3 billion Gross loans and advances
AED 36.8 billion Deposits
30% Digital Transactions - YoY Growth
10% Digitally active customers - YoY Growth
25% Digital Logins - YoY Growth

Year in Review

RAKfoodie – a mobile app with discounts and offers at over 2,000 outlets in the UAE
5 year partnership with Coca-Cola Arena to facilitate seamless transactions as a Founding Partner and Official Retail Bank
SMEsouk, providing small businesses via a digital community platform with non-banking value-added services
Skiply app for online payments with any bank card for school fees, excursions, uniforms and other school expenses
Multi-year agreement designating RAKBANK as the exclusive banking partner of Dubai Festivals and Retail Establishment’s retail calendar
Agreement signed with Emirates Development Bank for AED 100 million SME credit guarantee scheme
Agreement signed with Etihad Credit Insurance to assist local SMEs to access international markets
Simplify Commerce scheme for SME customers in partnership with Mastercard
Creation of the first full service end-to-end Bullion Bank in Treasury
RAKstarter zero balance account for entrepreneurs and start-ups
RAKBANK and FC Barcelona launched the FC Barcelona Prepaid Card, powered by Mastercard
Best website for 2018

Ethos Customer Happiness Seminar and Awards

Best Process Automation Initiative Awards

Asian Banker

Employee Empowerment

HR - Disrupt or be Disrupted programme - Gulf Customer Experience Awards

Most Effective Customer Experience in Social Media

Marketing – ‘Football for All’ campaign - Gulf Customer Experience Awards

Best SME Customer Service Provider UAE 2019 at International Business Magazine Award 2019
Best Branch Digitisation by the AsianBanker’s Financial Technology Innovation Awards
Best Digital Banking

Ethos Customer Happiness Seminar and Awards

Technology and Smart Technology

SOC orchestration - International Business Excellence Awards

H.E. Mohamed Omran Alshamsi Chairman

On behalf of the Board of Directors, I am pleased to present the Annual Report and Audited Financial Statements for RAKBANK and its subsidiaries for the year ended 31 December 2019. We have now passed the mid-point of our second 3 year strategic plan and the benefits of the changes we have made continue to flow throughout the business.

Peter England Chief Executive Officer

This year’s Annual Report highlights that our ambition to build a bank of the future is firmly embedded in who we are and what we do. In preparing for 2020 – the third and final year of our current strategic plan – we retain a clear focus on where we want to be when it concludes. The priority in 2018 was to establish the foundations for our transformation; 2019 was dedicated to actioning those plans.



Support aspiring professionals and SME business owners to realise their potential
Position as personal advisor to mass and mass-affluent customer
Go-to-partner for small and medium businesses
Grow Wholesale Banking and Non-Interest Income
Reinforce Treasury Proposition
Build mass-affluent customer base. Deepen share of wallet of Mass. Capture liability from mass-affluent and affluent
Defend market leading position through building data analytics excellence and expand share of SMEs
Grow fee-income, drive targeted diversification, build CASA and act as feeder to core strategic pillars
Drive cross-sell to existing clients and increase trading activity to generate additional revenue streams
Leverage partnership with Fintechs/ business partners to launch innovative, first-to-market solutions
Positional Pillar


Our product suite
aims to serve every level of customer: from mass retail customers to the largest corporates – where possible become our customer’s main bank.
Our people
are of the highest calibre, with the relevant skills to deliver the required services. They should be guided by a performance-driven culture, which will enhance their productivity.
Our data analytics
supports revenue growth and cost optimisation across the Bank. Data analytics should enable better risk assessment and credit loss management as developing where appropriate risk based pricing.
Our voice
aims to be personalised – to enhance our appeal to specific target segments and underpin the strength of our brand.
Our digital delivery channels
provides exceptional customer journeys. They should also leverage partnerships with best practice providers to enable first-to-market solutions.
Our risk management
capabilities enables sustainable growth, particularly through new channels.