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20/10/2012

An increase of 11% compared to same period last year

RAKBANK, the leading retail and small business bank in the UAE, reported a net profit of AED 1.04 billion for the nine months ended 30th September 2012, recording 14.5% annual growth compared to the same period in 2011 and 7.6% quarter growth. The Bank continued to pursue a consistent and sustainable level of growth through a prudent lending strategy, while seeking new opportunities in the small business and personal finance segments.

Net interest income for the nine months increased by 14% to AED1.7 billion compared to the same period last year, and net loans and advances grew by 9.36%. With deposits up by 12.5% by AED 2.29 billion, the Bank was able to maintain healthy liquidity and loan to deposit ratios at 19.4% and 91.9% respectively.

“The positive results reported for the nine months reflect the continued growth in our customer base as a direct result of the Bank’s full range of evolutionary products and services supported by superior customer service,” said Graham Honeybill, RAKBANK’s Chief Executive Officer. The recent replacement of RAKBANK’s core banking system was another milestone in enhancing customers’ experience by ensuring a faster, smoother, and more efficient service.

“The technology upgrade helps support the Bank’s portfolio of e-solutions for customers and demonstrates the Bank’s commitment to achieving excellence in customer service, which is the driving force behind RAKBANK’s solid reputation and high levels of customer loyalty,” said Honeybill. In addition to its Online and Mobile Banking services, RAKBANK’s e-portfolio goes one step further to offer customers an online application process for customized insurance products from leading providers throughwww.rakbank.ae.

Due to the continuing investment in technology as well as branch and ATM networks, operating costs climbed by 13.7% compared to the same period last year. The total impairment charge for the nine months stood at AED 157.4 million against AED 223 million last year, and the total provisions held are considered conservatively adequate for the current loan portfolio.

Gross loans and advances increased by 9.36% to AED 20.4 billion during the nine months. Non-interest income at AED 489.7 million was down by 4% compared to the same period last year primarily because of the impact of regulatory restrictions on fees and charges imposed by the Central Bank since May 2011. However, RAKBANK’s growth in investment income, foreign exchange, and other fee lines achieved a healthy growth of 18.9% in fee income compared to the third quarter of 2011.

“As a leading retail and small business bank, we are constantly looking for new ways to boost the Bank’s capability to further grow our customer base and fee income. The introduction of Islamic Banking products and services planned for early 2013 will aim to capture a wider market by expanding the suite of RAKBANK offerings,” added Honeybill.

Total assets increased by 8.1% to reach AED 26.49 billion by the end of the nine months with Moody's Investors Service affirming RAKBANK’s stable outlook in September 2012. RAKBANK used its internal resources to fully settle the balance of subordinated debt of AED 684.47 million received from Ministry of Finance in December 2009.

Total Shareholder’s equity was AED 5.33 billion at the end of the third quarter after distributing the 2011 cash dividend of AED 415.6 million in May 2012. The Bank’s tier 1 and total ratio stands at 19.61% against the regulatory minimum of 12%. As a conservative measure, this ratio was calculated without taking into consideration the interim profit of AED1.04 billion.

RATINGS

The Bank enjoys the following ratings, which have remained unchanged since December 2011:

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About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 700,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks.

RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 33 branches, and its Telephone, Online, and Mobile banking channels. A prominent player in small to medium enterprise finance and a leading provider of Credit Cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

RAKBANK earned a reputation for extending one of the highest levels of customer service in the local industry by topping the annual Service Quality Bank Benchmarking Study, conducted by independent service specialists Ethos Consultancy, from 2005 to 2010.

For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

22/07/2012

An increase of 13.5% over same period of 2011

The National Bank of Ras Al-Khaimah (P.S.C.) (RAKBANK) has reported a net profit of AED 668.7 million for the half year ended 30th June 2012, reflecting a 13.5% growth compared to same period of 2011 and 5.6% over the first quarter of 2012.

“We are pleased with the positive results reported for the first six months as they reflect the continued growth in our customer base,” says Graham Honeybill, Chief Executive Officer, RAKBANK. “As a leading Retail/SME national bank, we look to develop initiatives that enhance our customers’ banking experience. In the last quarter this included upgrading our IT systems to offer customers faster, easier, and more convenient services.”

The technology upgrade demonstrates the bank’s commitment to achieving excellence in customer service, the driving force behind RAKBANK’s solid reputation and high levels of customer loyalty.

FUNDED INCOME GROWS BY 17%

The bank has continued to follow a measured approach to expansion, with a focus on maintaining a consistent and sustainable level of growth through a careful lending policy and actively seeking new lending in its chosen fields, and has seen solid growth in the small business and personal finance segments. As a result, net interest income grew 17% over 2011 to AED1.1 billion.

Gross Loans and advances stood at AED 19.9 billion, an increase of 6.4% over 31st December 2011 and an increase of 11.5% compared to 30th June 2011.

Deposit growth and its costs have been managed effectively to maintain the expected margins, and prudent levels of liquidity.

The total impairment charge for the six months at AED 114.6 million and the total provisions held are considered conservatively adequate for the loan portfolio.

NON INTEREST INCOME

Non interest income at AED 320.1 million was down by 13% compared to 30th June 2011. This is primarily because of the impact of regulatory restrictions imposed since May 2011 on fees and charges. However the Bank has achieved a steady growth in various other fee income lines such as investment income, foreign exchange and others. As a result it achieved a growth of 7.4% in fee income compared to the previous quarter.

“The Bank will continue its focus on providing a full range of evolutionary products and services to its customers supported by excellent customer service,” added Honeybill. “The recent introduction of the core banking system will enhance the Bank’s capability to grow its customer base and fee income.”

ASSETS & LIABILITIES

Loans and advances, the main drivers of income, grew by AED 1.18 billion during this half year, and this growth has come across small business and personal finance, being the chosen segments. Deposits, on the other hand, have grown by AED 1.99 billion enabling the bank to maintain healthy loans to deposit and liquidity ratios. The Bank’s advances to deposits ratio and liquidity ratio stands comfortably at 92.4% and 20.3% respectively.

The bank took advantage of investment opportunities as and when it arose. Over AED 640 million of new investments were made in various debt instruments during the current half year. Investment book, as a result grew by AED 423 million, net of maturing instruments.

In the annual general meeting held in April the shareholders decided to retain 70% of 2011 profits. This enabled the bank to boost its capital base by AED 787 million and as a result an amount of AED 300 million of the subordinated debt, categorised as tier 2 capital was repaid to Ministry of Finance after obtaining the necessary regulatory approvals. In the same meeting the shareholders decided to allocate AED 240 million to a non-distributable regulatory credit risk reserve. All the above have improved the quality of the Bank’s capital base.

Total shareholder’s Equity stood at AED 4.96 billion at end of June after distribution of cash dividend of AED 415.6 million for the year 2011. The Bank’s tier 1 and total ratio stands at 20% and 21.8% respectively. The interim profit of AED668 million has not been considered in arriving at these ratios as a conservative measure adopted by the Bank.

RATINGS

The Bank enjoys the following ratings, which have remained unchanged since December 2011:

- Ends -

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks in the UAE.

RAKBANK offers a wide range of personal and business banking services throughout its 31 branches, as well as its telephone, Online, and Mobile banking channels. The Bank is a leading provider of credit cards and a prominent player in mortgage lending and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, the bank having been voted in 2010 for the fifth consecutive year as as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can visit www.rakbank.ae, www.rakbankdirect.ae, or contact the Call Centre at +9714 213 0000. You can also connect to RAKBANK via www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

Chanchal Gala couldn’t have wished for a better start to 2012! RAKBANK has credited her account with one million dirhams.

A mother of two and an owner of an electronics business in Deira, Dubai, Chanchal was announced as the winner of RAKBANK’s biannual millionaire draw held for its MasterCard Credit Cardholders.

“This is a life changing prize! I am forever grateful to RAKBANK for once again helping me achieve one of my dreams,” said Chanchal who approached RAKBANK three years ago to help her realize her lifelong ambition of setting up her own business. “This prize money will enable me to properly invest in my children’s future, just the way I wanted!”

RAKBANK MasterCard Credit Cards entitle their holders to enter a millionaire draw that takes place every six months, with chances of winning increasing the more Cardholders spend on their cards. RAKBANK offers four MasterCard Credit Cards including its Titanium, NMC, Geant La Carte, and Standard MasterCard. RAKBANK Credit Cards come with excellent rewards of up to 5% cashback on purchases, no annual fee ever, competitive interest rates, lifestyle privilege offers from over 70 outlets through the Rakfeast dining and discount program as well as access to the Banks’s latest online platform RAKBANKdeals.ae which offers Cardholders discounts of 50% and more on deals from leading brands.

For a simpler and more flexible banking experience, RAKBANK offers the facility of applying for various products through an online-only process on rakbankdirect.ae. Apply now for your RAKBANK MasterCard Credit Card and you might be the next millionaire!

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About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks in the UAE.

RAKBANK offers a wide range of personal and business banking services throughout its 31 branches, as well as its telephone, Online, and Mobile banking channels. The Bank is a leading provider of credit cards and a prominent player in mortgage lending and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, the bank having been voted in 2010 for the fifth consecutive year as as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can visit www.rakbank.ae or contact the Call Centre at +9714 213 0000. You can also connect to RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

09/07/2012

Companies occasionally use famous songs in their TV commercials. Others sometimes modify the music of a popular song to create a jingle about their products. In either case, they aim to achieve one thing: enhanced consumer engagement.

The popularity of this trend is set to continue, especially since most of us are likely to associate brands with the music they play in their commercials.

In the UAE, RAKBANK has come up with yet another ‘first’ and is doing so in the field of branded music. This leading local financial institution, which has established a remarkable footprint in the UAE banking and finance industry through the launch of evolutionary products, has taken the tune of Ali Zafar’s famous Chal Dil Merey (Walk along my heart) to create its own song.

“We are known for our unconventional marketing approach. Using branded music to reach customers in a way that further raises our engagement levels with them demonstrates once again that we continue to set standards in the Retail/SME banking marketing,” says Graham Honeybill, Chief Executive Officer, RAKBANK.

RAKBANK has created a unique position for itself over the years, not only by offering innovative products and excellent service, but also through a bold and often light-hearted approach to marketing. The RAKBANK song is another addition to the Bank’s list of award-winning marketing initiatives.

The lyrics of the song remind customers of RAKBANK’s holistic approach to banking; they also name the different channels that customers can use to reach the bank, as well the various products and services it offers.

“Yeah! RAKBANK” was recomposed and sung by the renowned Ranjit Barot and can be downloaded as a ringtone from the Bank’s website.

- ENDS –

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks in the UAE.

RAKBANK offers a wide range of personal and business banking services throughout its 31 branches, as well as its telephone, Online, and Mobile banking channels. The Bank is a leading provider of credit cards and a prominent player in mortgage lending and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, the bank having been voted in 2010 for the fifth consecutive year as as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can visit www.rakbank.ae, www.rakbankdirect.ae, or contact the Call Centre at +9714 213 0000. You can also connect to RAKBANK via www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

05/06/2012

RAKBANK has announced the launch of its new interactive mobile application developed to give Cardholders easier and faster access to the Bank’s value added deals and offers on RAKBANKdeals.ae.

“We are proud to be the first bank in the UAE to launch a mobile application for a deals platform,” says Graham Honeybill, Chief Executive Officer, RAKBANK. “The new engaging application reinforces RAKBANK’s position as a dynamic Bank which offers its customers innovative and flexible products and services that exceed their expectations.”

RAKBANKdeals.ae mobile app is compatible with most popular web-enabled smartphones such as iPhone, Blackberry and Android and can be downloaded from their online application stores.

For GPS enabled mobile phones, and once the user location is identified, the application will show a list of the deals and offers from RAKBANK that are the closest. Cardholders also have the option to select any of the various categories like dining, electronics, entertainment, etc. and all the relevant deals will be displayed. Alternatively, they can search by ‘location’ to find offers in a specific area.

For added convenience, Cardholders are able to share the deals with their family and friends via SMS, e-mail or through social networking sites like Facebook and Twitter.

“The new mobile application is the latest addition to our user-friendly, rewarding digital engagement channels such as our active presence on key social media platforms as well as the Bank’s innovative Mobile and Online Banking solutions,” says Banali Malhotra, Head of Marketing, RAKBANK. “With RAKBANKdeals.ae enjoying a growing popularity, we introduced this new application so our customers can access a wide array of exclusive, attractive deals while they are on the go.”

RAKBANKdeals.ae, launched late last year, is a one stop online destination to all RAKBANK Credit, Debit and Prepaid Cardholders exclusive privileges and loyalty programmes. This includes access to RAKBANKdeals.ae weekly deals offering discounts of 50% and more from leading brands, RAKfeast, a dining discount programme, Lifestyle Privileges, a programme for diverse benefits and privileges from more than 80 outlets, the Prepaid Card offer, buy 1 get 1 free, as well as RAKBANKdirect.ae and smartshop.ae discounted deals.

- ENDS –

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks in the UAE.

RAKBANK offers a wide range of personal and business banking services throughout its 31 branches, as well as its telephone, Online, and Mobile banking channels. The Bank is a leading provider of credit cards and a prominent player in mortgage lending and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, the bank having been voted in 2010 for the fifth consecutive year as as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can visit www.rakbank.ae, www.rakbankdirect.ae, or contact the Call Centre at +9714 213 0000. You can also connect to RAKBANK via www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

13/05/2012

Making customers’ holiday twice as enjoyable

Once again, RAKBANK has spiced up summer time for its customers by making their vacation twice as enjoyable! The prominent financial institution dedicated to offering its customers evolutionary, rewarding banking solutions, has joined hands with Makemytrip.ae, a leading online travel agent, to offer Cardholders an amazing two-for-one holiday package deal.

Valid until the end of July and when purchasing any of five unforgettable holiday packages on Makemytrip.ae, this exclusive offer gives customers exceptional savings on accommodation and other package benefits. To avail of the promotion, customers simply need to pay for one holiday package using any of RAKBANK’s Cards; Debit, Credit or Prepaid; to get another one for their companion for free.

“Every month our customers look forward to the latest offers from RAKBANK, and we are proud to continue to exceed their expectations with this special deal.” said Graham Honeybill, Chief Executive Officer of RAKBANK. “By tying up with Makemytrip.ae, we are giving our customers double the reason to enjoy their holidays.”

RAKBANK’s deal is available on holiday packages to Thailand, Singapore, Malaysia, Turkey and Sri Lanka. It includes 4 nights/ 5 days stay in a 4-star hotel, daily breakfast, sightseeing tours, return airport transfers and hotel taxes as well as service charges.

“By creating alliances with strategic partners from various industries, we are able to provide our customers with not only well-timed exciting offers but also deals that add further value to their banking experience,” says Banali Malhotra, Head of Marketing at RAKBANK.

RAKBANK offers its customers the most rewarding Debit, Credit and Prepaid Cards as they all come loaded with various benefits and exclusive privileges. Also, the Bank has recently launched www.rakbankdeals.ae providing its Card customers with special weekly deals offering discounts of 50% and more at their favourite outlets.

RAKBANK customers can avail of this exclusive offer by visiting Makemytrip.ae website and looking out for RAKBANK’s special offers and then call 8000 141414.

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About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks in the UAE.

RAKBANK offers a wide range of personal and business banking services throughout its 31 branches, as well as its telephone, Online, and Mobile banking channels. The Bank is a leading provider of credit cards and a prominent player in mortgage lending and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, the bank having been voted in 2010 for the fifth consecutive year as as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can visit www.rakbank.ae ,www.rakbankdirect.ae. You can also connect to RAKBANK viawww.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

30/04/2012

Offering enterprises a convenient access to a wide array of banking services and products

In line with its on-going efforts to expand and extend its superior services to the business community across the UAE, RAKBANK has announced the opening of a new dedicated Business Banking Centre in Dubai’s most active and vibrant trading and commercial hub, Al Ras, Deira.

“RAKBANK is one of the most prominent and active banks in providing financial solutions to businesses,” says Graham Honeybill, Chief Executive Officer of RAKBANK. “We are proud to continue to support the growth of this substantial customer base, not only by offering customized products and personalized service, but also by further extending our reach and providing added flexibility through this new centre.”

To help businesses reach their full potential, RAKBANK offers a wide array of banking products and services tailored to meet the unique requirements of each business. The bank prides itself on being the first to offer an interest bearing business current account, collateral-free loans for companies demonstrating a solid business model, and most importantly a quick approval process with minimal documentation requirement.

“Opening Al Ras facility in the heart of Dubai’s trading district is in line with our strategy to reinforce our presence in the UAE and to enhance our customers banking experience by being available in key business hubs,” added Honeybill.

The new Centre will offer a wide range of banking solutions to meet various business needs. These include business loans, trade and working capital solutions and business current accounts. Customers can also conveniently carry out everyday transactions like telegraphic transfers, cheque deposits as well as round the clock cash deposits and withdrawals through the Centre’s EDMs.

RAK Bank’s new Business Banking Centre is staffed by professional and experienced Relationship Managers who understand the diverse needs of each business and are experts in tailor making credit, trade finance and treasury facilities as per each business’s needs.

As there are a large number of Chinese-owned businesses in this district, RAKBANK has ensured that the new Business Banking Centre employs Relationship Managers who are fluent in Mandarin, thereby making it easier and comfortable for Chinese merchants to conduct their daily transactions. For added convenience, the Centre’s EDMs support the Chinese language.

RAKBANK’s Business Banking finance services are available at the bank’s 31 branches across the UAE, including its eight dedicated Business Banking centres.

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks in the UAE.

RAKBANK offers a wide range of personal and business banking services throughout its 31 branches, as well as its telephone, Online, and Mobile banking channels. The Bank is a leading provider of credit cards and a prominent player in mortgage lending and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, the bank having been voted in 2010 for the fifth consecutive year as as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can visit www.rakbank.ae, www.rakbankdirect.ae, or contact the Call Centre at +9714 213 0000. You can also connect to RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

21/04/2012

An increase of 11% compared to same period last year

The National Bank of Ras Al-Khaimah (P.S.C.) (RAKBANK) has reported a net profit of AED 325.3 million for the quarter ended 31st March 2012, reflecting a 11% growth compared to first quarter of 2011 and 9.5% over the fourth quarter of 2011.

Commenting on the results, Graham Honeybill, Chief Executive Officer, said “We are pleased with RAKBANK’s first quarter results which reflect the continued growth in the Bank’s customer base across key business segments. By constantly focusing on delivering the highest levels of customer service and enhancing our portfolio of innovative products and services, we are confident that the bank will continue to achieve positive results.”

FUNDED INCOME GROWS BY 21%

The bank has continued to follow a measured approach to expansion, with a focus on maintaining a consistent and sustainable level of growth through a careful lending policy and actively seeks new lending in its chosen fields and continues to see growth in the small business and personal finance segments.

Net interest income at AED 538.2 million grew by 21% compared to 31st March 2011. Gross Loans and advances stood at AED 19.2 billion an increase of 2.7% over 31st December 2011 and an increase of 9.8% compared to 31st March 2011.

During the past three months, the bank has taken adequate provisions on its loan portfolio. The total impairment charge for the quarter at AED 60.5 million, is lower compared to last year and the previous quarter.

NON INTEREST INCOME

Non interest income at AED 154.3 million was down by 28% compared to 31st March 2011. This is primarily because of the impact of regulatory restrictions imposed since May 2011 on fees and charges. However the Bank has achieved a steady growth in various other fee income lines such as investment income, foreign exchange and others. As a result it achieved a growth of 8.5% compared to the previous quarter.

The Bank continues to invest in product development, technology and other delivery channels, in order to remain at the forefront of online and Mobile banking in the UAE.

ASSETS & LIABILITIES

Total assets as at 31st March 2012 were AED 24.7 billion, an increase of AED 198.4 million over 31stDecember 2011 and AED 2.4 billion increase compared to 31st March 2011. During the quarter loans and advances grew by AED 508 million, and investments grew by AED 442.9 million. These have been funded through increase in customer deposits, shareholders equity and reductions in placements with Banks.

The Bank’s advances to deposits ratio and liquidity ratio stands comfortably at 92.5% and 18.6% respectively.

Total shareholder’s Equity stood at AED 5.03 billion at the end of March. This will reduce by AED 415.6 million after distribution of cash dividend of 30% for the year 2011 after annual general body approval on 22 April 2012.

CAPITAL ADEQUACY

The Bank’s capital adequacy ratio at end of the quarter was 22.5% composed entirely of Tier 1 capital against a current minimum of 12% of Tier 1 capital prescribed by the Central Bank of the UAE. With the Ministry of finance 7 year loan, which is eligible to be treated as tier 2 capital, the overall capital adequacy ratio stands at 25.8%.

RATINGS

The Bank’ ratings remain unchanged and they are as follows:

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks in the UAE.

RAKBANK offers a wide range of personal and business banking services throughout its 31 branches, as well as its telephone, Online, and Mobile banking channels. The Bank is a leading provider of credit cards and a prominent player in mortgage lending and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, the bank having been voted in 2010 for the fifth consecutive year as as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can visit www.rakbank.ae, www.rakbankdirect.ae, or contact the Call Centre at +9714 213 0000. You can also connect to RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

17/04/2012

Bling campaign delivers results in both uptake and ROI

RAKBANK announced that it has won the “Best Marketing Campaign of the Year” award at the Middle East Prepaid Awards 2012 for its MasterCard Bling campaign. The award was presented to the bank at a gala award dinner that brought together senior professionals and experts from the prepaid industry.

An international panel of accomplished industry experts selected RAKBANK’s light-hearted and bold marketing campaign as it delivered results, both in terms of uptake and return on investment.

The multi-phase 360-degree campaign portrayed cash as being ‘last season’ and the MasterCard® Prepaid Cards, Bling and Loaded, as the best and coolest alternatives when spending offline and online. The campaign reached its target audiences through a mix of media channels, addressing each audience through a different and unique execution and customized promotions.

“We are honored to receive this prestigious award in its inaugural year. It serves as further recognition of our creative and innovative approach to marketing our evolutionary products,” said Graham Honeybill, Chief Executive Officer, RAKBANK. “We received an overwhelming response from our customers when we launched MasterCard Prepaid Cards campaign and we are delighted to see that it generated the same response from the industry.”

Over the years, RAKBANK has created a distinctive reputation by not only offering innovative products and award-winning service, but also by choosing to steer clear of the solemn approach to marketing that has been traditionally adopted by most banks in the UAE.

Eyad Al-Kourdi, vice president and country manager, UAE, MasterCard Worldwide commented; “We would like to congratulate RAKBANK on being awarded this well-deserved accolade from prepaid industry experts. As a global leader in the payment industry, MasterCard continues to work closely with customer financial institutions to develop award-winning, innovative products and solutions for consumers’ evolving needs.

By recognizing and rewarding outstanding companies and individuals operating in the prepaid industry, Middle East Prepaid Awards provides the right platform for leading industry players to celebrate their achievements.

“MasterCard prepaid cards offer cardholders more convenience, flexibility and secure access to funds. They also deliver a valuable and cost effective financial inclusion tool for underbanked consumers and enable them to supervise their spending, budgeting and bill payments, thereby simplifying their money management process,” Al-Kourdi concluded.

RAKBANK MasterCard Prepaid Cards are the smart and modern alternative to cash. They are particularly useful for residents without a Bank account and consequently, a debit or credit card, including students, stay-home mothers and new UAE residents. RAKBANK Loaded and RAKBANK Bling are reloadable Cards that can easily be topped up with money and used at any merchant outlet that accepts MasterCard Cards globally, including online merchants.

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks in the UAE.

RAKBANK offers a wide range of personal and business banking services throughout its 31 branches, as well as its telephone, Online, and Mobile banking channels. The Bank is a leading provider of credit cards and a prominent player in mortgage lending and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, the bank having been voted in 2010 for the fifth consecutive year as as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can visit www.rakbank.ae, www.rakbankdirect.aeM, or contact the Call Centre at +9714 213 0000. You can also connect to RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

Extending further support to its growing number of Chinese Customers

RAKBANK has set up a Chinese-Enabled Automated Teller Machine (ATM) at Burj Al Arab Hotel, one of the world’s most luxurious hotels. This is the latest addition to the Bank’s network of ATMs that support Chinese language, bringing their total number to 41, out of the 150 machines installed by the bank throughout the UAE.

Graham Honeybill, Chief Executive Officer, RAKBANK, said that the Bank enjoys a considerable and growing reputation in the Chinese community. “On the back of strengthening economic ties with China, the UAE has witnessed an influx of Chinese businessmen seeking banking solutions in their own language. The ATM at Burj Al Arab is a further testament of how RAKBANK is focused on achieving customer satisfaction and convenience,” he added.

A leader in innovative banking products and services, RAKBANK ensures that it provides its customers with convenient banking experience across all channels of contact. It was the first UAE bank to introduce ATMs that offer support for the Chinese language in the UAE and has installed them across various business and residential locations in the country. The bank also employs 14 Mandarin-speaking Relationship Managers in various branches in prominent Chinese business hubs to better serve this dynamic community.

In line with RAKBANK’s strategy to provide banking services through various electronic channels, the new ATM conveniently gives customers access to a host of services. In addition to the traditional transactions of withdrawing cash and inquiring about the balance, customers can also pay their utility bills, transfer funds among their RAKBANK accounts, request a cheque book, reload their RAKBANK’s Prepaid Cards, open a Fast Saver account as well as get regular or mini statements of their current and savings accounts.

Other electronic banking channels available for RAKBANK customers are online banking, mobile banking and access to rakbankdirect.ae, an engaging platform that allows customers to apply for a range of banking and insurance products.

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks in the UAE.

RAKBANK offers a wide range of personal and business banking services throughout its 31 branches, as well as its telephone, Online, and Mobile banking channels. The Bank is a leading provider of credit cards and a prominent player in mortgage lending and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, the bank having been voted in 2010 for the fifth consecutive year as as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can visit www.rakbank.ae, www.rakbankdirect.ae, or contact the Call Centre at +9714 213 0000. You can also connect to RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

Exclusive glittering offer to Cardholders

RAKBANK has tied up with LifeStyle Fine Jewelry offering its Cardholders exclusive gifts upon the purchase of any jewellery creation from the retailer’s extensive array of internationally renowned collections.

Customers are offered a complimentary, uniquely designed diamond and pearl pendant with their jewellery purchases of AED 2,500. When customers spend a total of AED 5,000, they are further rewarded with a matching diamond and pearl earring set. Valid until the end of April, this special offer applies to customers who pay using RAKBANK’s Debit, Credit or Prepaid Card.

Commenting on the partnership with the leading jeweller, Graham Honeybill, Chief Executive Officer of RAKBANK, said: “We regularly launch special offers and promotions that add value to our products and make them more competitive. We are confident that the tie-up with LifeStyle Fine Jewelry will make our cards even more appealing to our customers, especially those who have passion for unique branded jewellery.”

RAKBANK offers its customers the most rewarding Debit, Credit and Prepaid Cards as they all come loaded with various benefits and exclusive privileges. Also, the bank has recently launched www.rakbankdeals.ae providing its Card customers with special weekly deals offering discounts of 50% and more at their favourite outlets.

RAKBANK customers can avail of the promotion at any of LifeStyle Fine Jewelry’s 27 outlets across the UAE.

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks in the UAE.

RAKBANK offers a wide range of personal and business banking services throughout its 31 branches, as well as its telephone, Online, and Mobile banking channels. The Bank is a leading provider of credit cards and a prominent player in mortgage lending and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, the bank having been voted in 2010 for the fifth consecutive year as as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can visit www.rakbank.ae or contact the Call Centre at +9714 213 0000. You can also connect to RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

17/07/2012

S J Hasan Kuthoos, a RAKBANK MasterCard Cardholder and a proud father of an eight-month-old son, received million reasons to smile when RAKBANK announced that he was the latest winner of its biannual millionaire draw.

Kuthoos, who has been working in the UAE for 20 years, almost couldn’t believe his good luck when RAKBANK called him to inform him that he was a winner- a call that, by chance, came one day before his wife’s birthday.

“This is the best reward I have ever received in my whole life. I have always believed that hard work will pay off and it did,” Kuthoos said. When asked about what he plans to do with the money, he said, “I never actually dreamt that I would own such a large sum. I have always limited my dreams to the amount of money I earn. Now, I will consult with my family and see what we will do with this generous gift from God.”

Kuthoos has been a RAKBANK MasterCard Cardholder since 2003. He applied for the card after his colleague told him of its exclusive benefits and rewards

RAKBANK MasterCard Credit Cards entitle their holders to enter a millionaire draw that takes place every six months, with chances of winning increasing the more Cardholders spend on their cards. RAKBANK offers four MasterCard Credit Cards including its Titanium, NMC, Geant La Carte, and Standard MasterCard. RAKBANK Credit Cards come with excellent rewards of up to 5% cashback on purchases, no annual fee ever, competitive interest rates, lifestyle privilege offers from over 70 outlets through the Rakfeast dining and discount program as well as access to the Banks’s latest online platform RAKBANKdeals.ae which offers Cardholders discounts of 50% and more on deals from leading brands.

For a simpler and more flexible banking experience, RAKBANK offers the facility of applying for various products through an online-only process on www.rakbankdirect.ae. Apply now for your RAKBANK MasterCard Credit Card and you might be the next millionaire!

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks in the UAE.

RAKBANK offers a wide range of personal and business banking services throughout its 31 branches, as well as its telephone, Online, and Mobile banking channels. The Bank is a leading provider of credit cards and a prominent player in mortgage lending and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, the bank having been voted in 2010 for the fifth consecutive year as as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can visit www.rakbank.ae or contact the Call Centre at +9714 213 0000. You can also connect to RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

22/09/2015

RAKBANK has announced an AED1,203.5 million net profit for 2011, an increase of 20% over 2010. Earnings were impacted as a result of the Central Bank’s recently introduced guidelines on personal lending but the Bank swiftly refocused its business towards SME and other lending opportunities within the consumer banking segments.

“RAKBANK’s very satisfactory results at a time of continuing difficult market conditions are a testament to the Bank’s consistent business strategy and robust performance” said Graham Honeybill, RAKBANK’s CEO. “RAKBANK’s profitability is the result of the bank’s prudent policies and underwriting processes, and more importantly, the Bank’s successful foundation in excellent customer service delivery, which has helped by retaining and expanding our customer base.”

As a result of the business opportunities identified, net interest income increased by 23.4% over 2010 to AED1,984.5 million. Total advances as at 31st December 2011 increased by 12% over the previous year to reach AED18.4 billion whilst total assets jumped by 14.6% to close at AED24.5 billion.

The growth in the asset book has been supported by a combination of increases in shareholders’ equity and customer deposits with total deposits growing by 11.73% to close at AED18.3 billion compared with AED16.4 billion in 2010. Commission was impacted by the new rules on retail lending but overall other income grew by 7.9% to AED652.9 million.

During 2011 RAKBANK increased its Branch and ATM network and currently has 31 branches across the UAE with plans to open 3 more by the end of 2012. The Bank has 145 ATMs with a further 59 planned.

Overall credit losses rose by 11.6% in 2011 to AED301 million primarily as a result of a more conservative profile adopted towards the end of the year and on a much larger asset base.

The liquidity ratio for the year 2011 stood at 19% at the year-end compared to 18.2 % at the end of 2010. The Bank’s Tier 1 ratio as per Basel I at the end of the year was 17.2% against a current minimum of 12% of Tier 1 capital as set by the Central Bank.

RAKBANK will continue to focus on the delivery of quality products for its retail and small business customers allied with a high level of customer service quality. “There are numerous good business opportunities in the market and RAKBANK is well positioned to take advantage of them during 2012” concluded Honeybill.

Ratings

The bank is currently rated by the following leading rating agencies. Their recent ratings have remained unchanged as follows:

Dividend

The Directors have recommended a stock dividend of 10% and a cash dividend of 25%. The dividend recommended will result in over 71% of the net profit being retained within the Bank’s shareholders’ equity thereby increasing capital and reserves to strengthen the Bank’s overall position and provide support for future growth.

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks in the UAE.

RAKBANK offers a wide range of personal and business banking services throughout its 31 branches, as well as its telephone, Online, and Mobile banking channels. The Bank is a leading provider of credit cards and a prominent player in mortgage lending and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, the bank having been voted in 2010 for the fifth consecutive year as as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can visit www.rakbank.ae or contact the Call Centre at +9714 213 0000. You can also connect to RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank

Adding more sparkle to Bank’s Cards

In line with its on-going efforts to provide value-added promotions and benefits to its customers, RAKBANK has joined hands with Joyalukkas offering its Cardholders an exclusive gift upon the purchase of any diamond jewellery from the retailer’s extensive range of traditional and unique modern designs.

Valid until the 31st of December, customers are offered a complimentary pearl necklace and earring set with their diamond jewellery purchases of AED2500 or above, provided that they pay using any of RAKBANK’s Debit, Credit or Prepaid Cards.

“Our promotion with a leading retail jeweller like Joyalukkas is not just a testament to how we are always looking into providing our customers with innovative and cost effective banking solutions, but also to how we make our products even more rewarding,” says Graham Honeybill, Chief Executive Officer of RAKBANK.

RAKBANK offers its customers the most rewarding Debit, Credit and Prepaid Cards as they all come loaded with various benefits and exclusive privileges. Also, the bank has recently launched www.rakbankdeals.ae providing its Card customers with special weekly deals offering discounts of 50% and more at their favourite outlets.

RAKBANK customers can avail of the promotion at any of Joyalukkas’s outlets across the UAE.

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks in the UAE.

RAKBANK offers a wide range of personal and business banking services throughout its 31 branches, as well as its telephone, Online, and Mobile banking channels. The Bank is a leading provider of credit cards and a prominent player in mortgage lending and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, the bank having been voted in 2010 for the fifth consecutive year as as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can visit www.rakbank.ae or contact the Call Centre at +9714 213 0000. You can also connect to RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

RAKBANK launches a new platform for weekly discounted deals and brings all RAKBANK Cards special privileges under one roof

RAKBANK has announced the launch of its latest creative value-added platform, www.RAKBANKdeals.ae, which will provide the Bank’s Credit and Prepaid Card customers with exclusive weekly deals offering discounts of 50% and more.

The first of its kind in the banking industry, the website also provides one access point to all of the Bank’s deals for Credit, Debit and Prepaid Cardholders. This includes RAKfeast, a dining discount programme, Lifestyle Privileges, a programme for diverse benefits and privileges from more than 80 outlets, the Prepaid Card promotion, buy 1 get 1 free, as well as RAKBANKdirect.ae and smartshop.ae discounted deals.

“The launch of this website is just another way of appreciating our loyal customers and making their banking experience an even simpler one,” says Graham Honeybill, Chief Executive Officer of RAKBANK. “By a click of a button, they visit a one stop shop for an array of exclusive deals from dining, entertainment to fashion and fun.”

All deals on www.RAKBANKdeals.ae provide customers with necessary information to help them reach a decision. They get to know the merchant, where to redeem the offer, deal expiry date and any other conditions listed by the merchant to avail of the offer.

The new website allows RAKBANK customers to post the deal on their facebook and twitter accounts hence alerting their friends and followers to the exciting offer. Interested Bank customers can simply click on the “Buy Now” button and pay using any of the bank’s Credit or Prepaid Card. They then receive the deal coupon via e-mail which they can print and present at the merchant outlet.

As for non-customers, the website provides a link to apply for RAKBANK Cards and get access to a world of privileges. The Bank gives its customers a choice of six Credit Cards, all of which are free for life, come with a Cashback feature of up to 5%, and entitle their holders to multiple dining and hospitality discounts in addition to a chance to win a million Dirhams every 6 months on select Cards. RAKBANK also offers its customers two Prepaid Cards, RAKBANK Bling and RAKBANK Loaded, which offer various promotions from over 50 merchant outlets in the UAE.

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks in the UAE.

RAKBANK offers a wide range of personal and business banking services throughout its 31 branches, as well as its telephone, Online, and Mobile banking channels. The Bank is a leading provider of credit cards and a prominent player in mortgage lending and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, the bank having been voted in 2010 for the fifth consecutive year as as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can visit www.rakbank.ae or contact the Call Centre at +9714 213 0000. You can also connect to RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

An increase of 24.2% compared to same period last year

The National Bank of Ras Al-Khaimah (P.S.C.) (RAKBANK) has reported a net profit of AED 906.5 million for the nine months ended 30th September 2011, reflecting a 24.2% growth compared to same period of 2010.

“We are pleased with RAKBANK’s strong financial results which reflect growth in the Banks’ customer base across major business segments,” says Graham Honeybill, Chief Executive Officer of RAKBANK. “As we continue to place great focus on customer service and follow our sound business strategy, we are confident that we will continue to achieve positive results.”

Funded Income

RAKBANK has continued to follow a measured approach to expansion, with a focus on maintaining a consistent and sustainable level of growth through a careful lending policy. The Bank actively seeks new lending in its chosen fields and has seen growth in both small business and personal finance segments.

The Bank’s interest income grew by 23.8% to AED 1.5 billion compared to 30th September 2010. Gross Loans and advances stood at AED 18.4 billion an increase of 9.7% over 31st December 2010 and an increase of 13.7% compared to 30th September 2010.

During the nine months in 2011, the bank has taken adequate provisions on its loan portfolio. Total impairment charge for the nine months was AED 223 million against the charge of AED 210.3 million made during the same period last year. The increase was mainly due to an additional provision of AED 10 million made during 3rd quarter of 2011.

Fee and Commission Income

Fee and commission income at AED 416.2 million was up by 2.5% compared to 30th September 2010. While a marginal growth recorded on full year basis, income for 3rd quarter fell by 18% over the same period last year due to new Central Bank of UAE regulation on lending and fees which came into effect from the month of May.

“The Bank will continue to invest in product development, technology and other delivery channels to ensure that we are providing a full range of products and services to our valued customers,” added Honeybill.

Assets & Liabilities

Total assets as of 30th September 2011 were AED 23 billion, an increase of 7.7% over 31st December 2010. The main growth in assets was seen in loans and advances.

During the nine months bank purchased investments worth AED 460.8 million and investments totalling AED 55.1 million matured. Total Investments stood at AED 1.2 billion at the end of September 2011. The bank intends holding all investments to maturity and does not anticipate any loss on any of its investments.

The growth in the asset book has been supported by a combination of increases in customer deposits and shareholders’ equity. Customer deposits were up by AED 1 billion an increase on 6.1% from 31st December 2010 and a 7.9% increase compared to 30th September 2010 from a combination of term and transaction deposits.

The Bank’s advances to deposits ratio stood at 92.5% as per the Central Bank of UAE guidelines. The bank’s liquid asset ratio was comfortable at 16.5% of the total assets.

The share capital of the bank increased to AED 1.39 billion from AED 1.15 billion after distribution of 20% stock dividend. Total shareholder’s equity stood at AED 4.4 billion at the end of September 2011.

Capital Adequacy

The Bank’s capital adequacy ratio as per Basel I at end of the quarter was 17.8% composed entirely of Tier 1 capital against a current minimum of 12% of Tier 1 capital prescribed by the Central Bank of the UAE. If we consider Ministry of finance loan which qualifies as tier 2 capital then the overall capital adequacy ratio stood at 21.2%.

Ratings

The current ratings are detailed below:

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks in the UAE.

RAKBANK offers a wide range of personal and business banking services throughout its 31 branches, as well as its telephone, Online, and Mobile banking channels. The Bank is a leading provider of credit cards and a prominent player in mortgage lending and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, the bank having been voted in 2010 for the fifth consecutive year as as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can visit www.rakbank.ae or contact the Call Centre at +9714 213 0000. You can also connect to RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

RAKBANK has reported a net profit of AED 589.1 million for the six months ended 30th June 2011, reflecting a 25.8% growth compared to the same period in 2010.

During the year, the Bank’s net interest income grew by 21.7% compared to 30th June 2010 to reach AED 933.3 million. Gross loans and advances stood at AED 17.9 billion, an increase of 6.7% over 31st December 2010 and an increase of 15.7% compared to 30th June 2010.

“The Bank’s six months result reflects the growth in the Bank’s customer base across a wide range of personal and small business segments, which is emphasized by RAKBANK’s competitive product offerings and award-winning customer service,” said Graham Honeybill, RAKBANK Chief Executive Officer.

Fee and commission income at AED 307.9 million was up by 12.6% compared to 30th June 2010, a reflection of increased volumes of business being processed during the six months. Following the introduction of the new Central Bank of the UAE guidelines for the retail banking segment, the Bank is diversifying its product range and expanding further into business customer segments.

RAKBANK is increasing its investments in product development, delivery channels, and technological integration to expand its e-solution portfolio and position RAKBANK at the forefront of Electronic Banking Solutions. The Bank’s portfolio of advanced e-solutions today includes Online and Mobile Banking, two Online Accounts (F@st S@ver and Evantage), and www.rakbankdirect.ae.

"The Bank remains vigilant and well positioned to benefit from changing trends and to take advantage of business opportunities, including online ventures, as and when they arise,” added Honeybill. With a positive outlook on the market, RAKBANK continues to expand its branch network across the UAE to complement its thrust in online services and has added two branches earlier in 2011 in Dubai and Abu Dhabi.

During the six months, the Bank has taken adequate provisions on its loan portfolio. Total impairment charge for the half year stood at AED 148.3 million, which was in line with the charge of AED 148.8 million made during the same period last year.

Total assets as at 30th June 2011 were AED 22.6 billion, an increase of 5.8% over 31st December 2010 and a 14.1% increase compared to 30th June 2010. The main growth in assets was due to higher loans and advances and supported by a combination of increases in customer deposits and shareholders’ equity. Customer deposits were up by AED 675 million, an increase of 4% from 31st December 2010 and a 15.4% increase compared to 30th June 2010 from a combination of term and transaction deposits.

The Share capital of RAKBANK increased to AED 1.39 billion from AED 1.15 billion after distribution of a 20% stock dividend. Total shareholder’s equity stood at AED 4.1 billion at the end of June 2011.

During the six months, RAKBANK purchased investments worth AED 349.1 million and investments totalling AED 55.1 million matured. Total investments stood at AED 1.1 billion at the end of June 2011. The Bank intends holding all investments to maturity and does not anticipate any loss on any of its investments, all of which are in the names of domestic institutions.

The Bank’s advances to deposits ratio comfortably stood at 95.2% as per the Central Bank of UAE guidelines. The Bank’s liquid asset ratio was comfortable at 16% of total assets.

Capital Adequacy

RAKBANK’s capital adequacy ratio as per Basel I at the end of the quarter was 18.2% composed entirely of Tier 1 capital against a current minimum of 12% of Tier 1 capital prescribed by the Central Bank of the UAE. Taking into consideration the Ministry of Finance loan, which qualifies at Tier 2 capital, overall capital adequacy ratio reaches 21.8%.

Ratings

The current ratings are detailed below:

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small business bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing, most dynamic banks and a major player in the personal banking and small business sectors in the UAE.

The Bank offers a wide range of personal and banking services through its 31 branches and telephone and online banking channels. It is a leading provider of credit cards and a prominent player in mortgage finance and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, with the bank having been voted in 2010 for five years running as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can visit www.rakbank.ae or contact the Call Centre at +9714 213 0000. You can also connect to RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

New Bank Winner Plans to be a Future Homeowner

RAKBANK is pleased to announce the latest lucky winner of the Bank’s bi-annual MasterCard Millionaire Draw. Essam Magdy, a loyal Titanium Cardholder for the past four and half years, will now have a very memorable summer as the Bank credits one million dirhams to his RAKBANK account.

Essam Magdy is all smiles as he shares his plans for his recent million dirham win. “I want to buy my own residence in Dubai where my family and I can live comfortably and rent-free,” said the proud future homeowner.“This is the first time I win any sort of prize ever and I thank RAKBANK for making it worth the wait,” added Magdy.

RAKBANK MasterCard Credit Cards entitle their holders to entry in a millionaire draw that takes place every six months, with chances of winning increasing with higher use of the Cards for payment. RAKBANK offers four MasterCard Credit Cards including its Titanium, NMC, Geant La Carte, and Standard Card. RAKBANK Credit Cards come with excellent rewards of up to 5% cashback on international transactions, no annual fee ever, competitive interest rates, and Titanium Lifestyle privilege offers from over 70 outlets and the Rakfeast dining and discount program.

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small business bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing, most dynamic banks and a major player in the personal banking and small business sectors in the UAE.

The Bank offers a wide range of personal and banking services through its 31 branches and telephone and online banking channels. It is a leading provider of credit cards and a prominent player in mortgage finance and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, with the bank having been voted in 2010 for five years running as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can visit www.rakbank.ae or contact the Call Centre at +9714 213 0000. You can also connect to RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

This summer season, RAKBANK is offering customers and their families the chance to enjoy a holiday in Disneyland Paris, an all-time favourite destination for children and adults alike, with attractive packages at a discounted price.

As part of the Disneyland Paris holiday package, Bank Customers receive a magical discount of 20% on the package price upon using their RAKBANK Credit or Debit Card to book their holiday package with Al Tayer Holidays*. Customers also receive two complimentary tickets for children under 12 in any class when purchasing two adult air tickets aboard Etihad Airways. Additionally, kids below 7 years of age can stay for free with their parents and play for free too at Disneyland Paris.

“In line with the Bank’s commitment to bring customers with great value promotions as part of their their banking experience, RAKBANK is confident that the discounted holiday packages to Disneyland Paris will offer customers and their families an exciting travel option for the summer,” said Ian Hodges, RAKBANK Head of Personal Banking.

RAKBANK customers can avail the offer any time before Nov 30, 2011 but reservations should be made before August 15, 2011. Customers are free to choose from any of the participating hotels at Disneyland Paris, including Disneyland Hotel, New York Hotel, Newport Bay Club, Sequoia Lodge, Hotel Cheyenne and Hotel Santa Fe.

RAKBANK gives its customers a choice of six Credit Cards, all of which are free for life, come with a Cashback feature of up to 5%, and entitle their holders to multiple dining and hospitality discounts in addition to a chance to win a million Dirhams every 6 months on select Cards. RAKBANK also offers its customers two Debit Cards, Standard and Premium, which extend 2% Cashback on international spends, 1% Cashback on domestic spends, free Purchase Protection and Travel Accident Insurance, and much more.

The Bank’s Credit and Debit Cards provide customers with convenient and instant access to funds anywhere in the world, and can be used at all ATMs and merchants that accept MasterCard, Visa, UAESWITCH or GCCNET cards.

*To book a Disneyland Paris vacation, customers can contact Al Tayer Holidays on 043211066 or holidays@altayer-travel.com.

- Ends –

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks in the UAE.

RAKBANK offers a wide range of personal and business banking services throughout its 31 branches, as well as its telephone, Online, and Mobile banking channels. The Bank is a leading provider of credit cards and a prominent player in mortgage lending and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, the bank having been voted in 2010 for the fifth consecutive year as as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can visit www.rakbank.ae, www.rakbankdirect.ae, or contact the Call Centre at +9714 213 0000. You can also connect to RAKBANK via www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

This summer, RAKBANK Cardholders are given the chance to come back from their vacations with more than CashBack and travel privileges, as the Bank launches its latest seasonal promotion.

Cardholders who spend a total of AED 5,000 on their RAKBANK MasterCard Credit, Debit, or Prepaid Card from June 1st to August 31st will enter the prize draw. Fifty lucky Bank customers will be given the chance to win AED 2000 to spend at www.smartshop.ae, an online shopping destination exclusively for holders of RAKBANK Credit and Prepaid Cards.

“Every season, RAKBANK aims to provide customers with attractive deals and promotions that add value to their banking experience,” said Ian Hodges, Head of Personal Banking at RAKBANK. “With travel season around the corner, we are confident that our promotion will be of great value to our cardholders and will allow them to enjoy a new online shopping experience via our partner, smartshop.ae.”

Smartshop.ae is a new online platform that gives RAKBANK cardholders the opportunity to shop for a wide range of entertaining items and gadgets online. The site offers a variety of flowers, cakes, home décor, games and gift ideas for Children, Teens, Men, Women, and those Young at Heart. Smartshop.ae is continuously expanding its product range to provide the best in new releases and ensure a greater selection of products. Anytime customers make a purchase, www.smartshop.ae delivers the purchase to the customer’s doorstep in a timely manner by partnering with top logistics companies across the UAE.

While out of the country, RAKBANK gives its customers the option of using any of its cards for payment including its suite of six Credit Cards, two Debit Cards, and two Prepaid Cards. The cards are free for life with no annual fees and come with a Cashback feature on international transactions that reach 5% on Credit Cards and 2% on Debit Cards. Prepaid Cards on the other hand, serve as an alternative to cash for family members especially useful for travel, and offer a host of lifestyle and entertainment privileges as well. RAKBANK Cards also entitle their holders to multiple dining and hospitality discounts, ongoing promotions, and a chance to win a million Dirhams every 6 months on select cards.

The Bank’s Credit and Debit Cards provide customers with convenient and instant access to funds anywhere in the world, and can be used at all ATMs and merchants that accept MasterCard, Visa, UAESWITCH or GCCNET cards.

- Ends –

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks in the UAE.

RAKBANK offers a wide range of personal and business banking services throughout its 31 branches, as well as its telephone, Online, and Mobile banking channels. The Bank is a leading provider of credit cards and a prominent player in mortgage lending and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, with the bank having been voted in 2010 for five years running as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can visit www.rakbank.ae or contact the Call Centre at +9714 213 0000. You can also connect to RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.