What's the buzz! Keep up with the latest news from 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.

RAKBANK announced the launch of its new branch in Al Qouz Mall in Dubai’s Al Qouz area. The new branch is home to a sizeable SME center that offers financial solutions to neighboring businesses and start-ups in one of the city’s most prominent industrial hubs.

“Recognizing that SME’s are key contributors to the economy, RAKBANK continues to be aligned with this sector as it constantly seeks out opportunities for further growth,” said Graham Honeybill, RAKBANK CEO. “RAKBANK aims to widen the banking options currently available to SMEs and individuals in Al Quoz by offering customers a wide range of competitive and convenient solutions with award-winning customer service.”

RAKBANK offers a range of loan and deposit services for SMEs including finance through collateral-free loans without the need for placement of deposits or assets as financial guarantees. RAKBANK offers business loans of AED 1 million to small businesses and larger working capital solutions of up to AED 3 Million to medium-sized businesses. Business customers can take advantage of the Bank’s flexible repayment periods of up to 60 months, affordable interest rates, and quick approval processes.

In addition, the new RAKBANK branch in Al Qouz will offer a wide range of conventional personal banking services to individuals, including RAKBANK account, deposit and investment options as well as personal, auto and mortgage loans, and a suite of credit cards.

“As a market leader in customer service, RAKBANK is a firm believer in customer satisfaction and convenience,” added Honeybill. “To that end, the Bank is constantly working to widen its branch network and to introduce new, alternate channels that can facilitate the customer’s banking experience such as Online Banking, www.rakbankdirect.ae, and Mobile Banking.” RAKBANK serves its customers through 31 branches and 105 ATMs located across the UAE, as well as 24-hour service available by Phone Banking, Online Banking, and Mobile Banking.

- 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.

RAKBANK is pleased to announce that its Credit Cards have been awarded the title of “Best Credit Card” in the entire Middle East and North Africa region by popular vote in The Banker Middle East Product Awards 2011, an awards program open to banks and financial institutions in the region.

Based on popular vote by subscribers to the Banker Middle East and its sister publications, the awards recognize outstanding performance and excellence in products and services in retail banking, business banking, and the institutional arena. RAKBANK was chosen among nine nominated banks from the UAE and the region as the number one provider of credit cards.

“RAKBANK is delighted to be at the forefront of the region’s credit card market,” said Graham Honeybill, RAKBANK’s CEO. “This award affirms our dedication to provide our valued customers with competitive products and award-winning customer service, to establish long-term relationships built on satisfaction, innovation and loyalty.”

By providing benefits and exclusive features, the Bank’s Credit Cards have managed to differentiate themselves from the rest of the market over the years. Today, RAKBANK has become synonymous with a host of highly competitive card benefits including ‘No annual fee ever’, CashBack on local and international retail purchases, free purchase protection, a wide range of dining and discount programs, and a chance to win a million dirhams on select cards.

In addition to a range of RAKBANKVisa and MasterCard credit cards, the Bank has partnered with Geant to launch the RAKBANK Geant La Carte Credit Card to extend La Carte redeemable points that may be used at Geant or Le Marche. The RAKBANK nmc MasterCard is another one of the Bank’s co-branded cards that offers a range of discounts on medical treatments from the nmc healthcare conglomerate.

RAKBANK offers a total of six credit cards and two debit cards, and has recently introduced two Prepaid Cards, RAKBANK Bling and RAKBANK Loaded. RAKBANK Credit and Prepaid Cardholders can now take advantage of the Bank’s recent venture with www.smartshop.ae, an exclusive online shopping site offering movie releases, books, and games exclusively for Bank customers.

- 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.

RAKBANK announced the launch of its new branch in Al Qouz Mall in Dubai’s Al Qouz area. The new branch is home to a sizeable SME center that offers financial solutions to neighboring businesses and start-ups in one of the city’s most prominent industrial hubs.

“Recognizing that SME’s are key contributors to the economy, RAKBANK continues to be aligned with this sector as it constantly seeks out opportunities for further growth,” said Graham Honeybill, RAKBANK CEO. “RAKBANK aims to widen the banking options currently available to SMEs and individuals in Al Quoz by offering customers a wide range of competitive and convenient solutions with award-winning customer service.”

RAKBANK offers a range of loan and deposit services for SMEs including finance through collateral-free loans without the need for placement of deposits or assets as financial guarantees. RAKBANK offers business loans of AED 1 million to small businesses and larger working capital solutions of up to AED 3 Million to medium-sized businesses. Business customers can take advantage of the Bank’s flexible repayment periods of up to 60 months, affordable interest rates, and quick approval processes.

In addition, the new RAKBANK branch in Al Qouz will offer a wide range of conventional personal banking services to individuals, including RAKBANK account, deposit and investment options as well as personal, auto and mortgage loans, and a suite of credit cards.

“As a market leader in customer service, RAKBANK is a firm believer in customer satisfaction and convenience,” added Honeybill. “To that end, the Bank is constantly working to widen its branch network and to introduce new, alternate channels that can facilitate the customer’s banking experience such as Online Banking, www.rakbankdirect.ae, and Mobile Banking.”

RAKBANK serves its customers through 31 branches and 105 ATMs located across the UAE, as well as 24-hour service available by Phone Banking, Online Banking, and Mobile Banking.

- 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 30 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.

RAKBANK is pleased to announce its recent tie-up with www.smartshop.ae, an online shopping destination exclusively for holders of RAKBANK’s suite of Credit and Prepaid Cards.

Smartshop.ae is a new online platform that gives RAKBANK customers the opportunity to shop for a wide range of entertaining items and gadgets from the comfort of sitting behind their computers. The site offers a variety of flowers, cakes, home décor, watches, movies, books, games and fun items. One can also find gift ideas for Children, Teens, Men, Women, and those Young at Heart.

“RAKBANK is looking forward to working with www.smartshop.ae,” said Graham Honeybill, RABANK General Manager. “We are constantly looking for tie-ups and promotions that add value to our customer’s banking experience and ensure their convenience and satisfaction,” added Honeybill.

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. RAKBANK customers are invited to register on www.smartshop.ae to receive regular information about the latest releases or offers. For a limited period, every 100th customer that registers on www.smartshop.ae receives a free Samsung MP3 Player.

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 Prepaid Cards, RAKBANK Bling and RAKBANK Loaded, which offer various promotions from over 50 merchant outlets in the UAE. Upon signing up for a RAKBANK Prepaid Card, customers receive an AED 50 voucher to spend at www.smartshop.ae

- 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.

RAKBANK has reported a net profit of AED 293.1 million for the quarter ended 31st March 2011, reflecting a 28.5% growth compared to the first quarter of 2010 and 7.4% over the fourth quarter of 2010.

“The Bank’s first quarter net profit reflects the growth in RAKBANK’s customer base across a wide range of personal and small business segments, which is largely driven by our continual focus on excellent customer service,” said Graham Honeybill, RAKBANK General Manager.

RAKBANK’s net interest income grew by 19.4% to AED 445.2 million compared to 31st March 2010. Gross Loans and Advances stood at AED 17.6 billion an increase of 4.8% over 31st December 2010 and an increase of 19.3% compared to 31st March 2010. Fee and commission income was up by 34.9% compared to 31st March 2010 to AED 186.6 million, a reflection of increased volumes of processed business year-on-year.

The Bank has taken adequate provisions on its loan portfolio during the three months. Total impairment charge for the quarter, which stood at AED 78.6 million, was lower by AED 2.6 million compared to the same period last year.

“RAKBANK continues to follow a measured approach to expansion, with a focus on maintaining a consistent and sustainable level of growth through a careful lending policy, while actively seeking new opportunities in the market such as the launch of RAKBANK Prepaid Cards and the expansion of the Bank’s e-solutions portfolio to include www.rakbankdirect.ae and, more recently, Mobile Banking,” added Honeybill.

Total assets as at 31st March 2011 were AED 22.3 billion, an increase of 4.3% over 31st December 2010 and a 22.3% increase compared to 31st March 2010. 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, a 6% increase from 31st December 2010 and a 28.6% increase compared to 31st March 2010 from a combination of term and transaction deposits.

During the quarter, RAKBANK purchased investments worth AED 225.9 million, and investments totalling AED 55.1 million matured leaving an outstanding portfolio of AED 944.7 million at the end of March. 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.

RAKBANK’s advances to deposits ratio stood at 92.5% as per the Central Bank of UAE guidelines and the Bank’s liquid asset ratio was comfortable at 18.1% of total assets.

The Share capital of the Bank 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 3.78 billion at the end of March.

RAKBANK’s capital adequacy ratio as per Basel I at end of the quarter was 18.9% 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 the 7 year loan of the Ministry of Finance is taken into account, which is eligible to be treated as Tier 2 capital, then the overall capital adequacy ratio stands at 22.6%.

Ratings

The current ratings are detailed below:

- Ends –

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail 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 banking services through its 30 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.

RAKBANK adds yet another banking channel to its portfolio of advanced e-solutions

A renowned market leader in customer service, RAKBANK announced the launch of its Mobile Banking service, an alternative channel that provides customers with the opportunity of conducting banking transactions via their mobile phones. RAKBANK’s Mobile Banking is available on smart phones as well as conventional mobiles to ensure that all their customers can make use of this practical service.

“RAKBANK is proud to be one of the first banks in the UAE to offer mobile banking solutions,” said Graham Honeybill, RAKBANK General Manager. "RAKBANK is fully committed to providing our customers with highly convenient, secure, and simple banking services. Even as we continue to expand our branch network across all emirates, RAKBANK is constantly introducing new, alternate channels that can facilitate the customer’s banking experience, including Online Banking, rakbankdirect.ae, and now Mobile Banking.”

RAKBANK Mobile Banking is structured into two distinct services. Mobile Banking Application is available for smart phone users of Etisalat and Du. Alternatively, Mobile Banking Service, which is currently available for Etisalat subscribers, gives customers the opportunity to dial *169# from their mobile phone and receive access to a menu of services. Both of these solutions enable customers to track their accounts, loans, and credit cards while enjoying a host of other services such as balance enquiries, utility payments and fund transfers.

RAKBANK is one of the few to extend to customers the option of opening a new account through Mobile Banking. This hassle-free service is the first of its kind and is available for RAKBANK F@st S@ver account, an interest-bearing online savings account. In addition, RAKBANK’s Mobile Banking platform offers the added service of ‘Contact Us’ through which customer can access the Bank’s multiple communication channels including Phone Banking, online feedback forms, www.rakbank.ae, www.rakbankdirect.ae, and Twitter.

In line with RAKBANK’s constant efforts to offer reliable and secure banking solutions, the Mobile Banking platform has been built keeping in mind the latest security protocols. “RAKBANK implements robust security features into the application to ensure that the customer’s confidential details are protected,” said Ian Hodges, RAKBANK Head of Personal Banking. “The Bank ensures that the application does not store any sensitive information or transaction details on the phone to keep the RAKBANK mobile banking experience secure and reliable,” concluded Hodges.

Customers are invited to register for RAKBANK Mobile Banking either through Online Banking or by visiting any of the Bank’s branches. Should they require further details, customers can log on to www.rakbank.ae/MobileBanking or even www.rakbankdirect.ae to engage in live chat. Customers can also contact the Bank by phone on 04 2130000.

RAKBANK, the leading bank in the UAE in customer service, is taking part in Dubai’s 2011 National Career Fair, held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, from 21st to 23rd of March 2011.

As one of the first banks in the country to achieve the 40% Nationalisation standard set by the UAE Central Bank in 2002, RAKBANK’s participation in the Career Fair is in line with the Bank’s ongoing commitment to attract and retain local talent. Through an active recruitment system, RAKBANK grew its overall National head count by more than 12% in 2010 alone.

“RAKBANK is committed to providing a positive and open work environment, where employees can grow professionally and be part of the Bank’s success,” said Graham Honeybill, RAKBANK General Manager. “At RAKBANK, we work to provide exceptional career opportunities to young Nationals, investing in the development of their knowledge and skills and preparing them for future positions where they can play influential roles in the UAE banking industry.”

RAKBANK places great emphasis on learning and skill development, and runs its own dedicated training centre, RAK Academy. This centre manages the continuous assessment of each employee’s performance and develops an individual training program to match their needs. New recruits are inducted with ease into the organisation through a six-month Graduate Training Program, and following that, continue to be involved in various courses that are tailored to enhance individual skills.

RAKBANK offers a wide range of personal banking services through its 30 branches and Telephone and Online Banking channels, including its new RAKBANK Direct platform (www.rakbankdirect.ae). It is today considered one of the major players in the UAE’s retail banking and small business sectors. Customer service excellence is a cornerstone of the Bank’s success, with RAKBANK being voted in 2010 for the fifth consecutive year as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study conducted by service specialists Ethos Consultancy.

RAKBANK has also participated in the National Career Exhibition in Sharjah held on February 23, 24, and 25 and the National Career Exhibition in Ras Al Khaimah held between March 8 to 10.

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail 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 banking services through its 30 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.

H.H. Sheikh Saud bin Saqr Al Qassimi, Supreme Council Member and Ruler of Ras Al Khaimah, inaugurated today RAKBANK’s new Operations Centre in the Bank’s home emirate of Ras Al Khaimah. Also present at the ceremony were H.H. Sheikh Mohammed bin Saud Saqr Al Qassimi, Crown Prince of Ras Al Khaimah and H.E. Sheikh Omar bin Saqr Al Qassimi, Chairman of RAKBANK, in addition to the Bank’s Board of Directors and top management, and a host of dignitaries from the emirate.

The spacious, nine-level centre is situated on Al Dhait on Emirates Road and is home to all the Bank’s back office operations in the northern emirates.

Speaking after the ribbon cutting function, H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, said, "We are very pleased to open RAKBANK’s new, state-of-the-art Operations Centre. The new facility will enable RAKBANK to continue offering world-class banking products and services and reaffirm its commitment to the highest standard of service delivery which has helped establish RAKBANK as one of the leading banks in the country."

H.H. Sheikh Saud also lauded the Bank’s aggressive implementation of its modernization strategy by taking full advantage of new technologies to better serve its customers and increase operational effectiveness.

As the number one bank in the UAE in customer service, according to industry specialists Ethos Consultancy, RAKBANK places great importance on active staff training dedicated to professional growth and organizational effectiveness, as well as employee retention and UAE national career development. The modern centre in Ras Al Khaimah houses multiple training areas for the Bank’s ongoing staff training and is well designed to accommodate a wide range of workshops and courses that meet various internal training needs.

“RAKBANK is pleased to announce the opening of the Bank’s new Operation Centre in Ras Al Khaimah as part of our commitment to a solid presence in our home emirate,” said Graham Honeybill, RAKBANK General Manager. “RAKBANK places great importance on the people who deliver service to customers and as a firm believer that ‘satisfied staff lead to satisfied customers’, we believe that an efficient yet friendly work environment is a key factor in staff satisfaction.”

In line with the Bank’s corporate social responsibility and it commitment to reduce energy consumption, RAKBANK’s new centre enjoys environmentally sound features in terms of building design and construction. RAKBANK implements several waste management initiatives to reduce the consumption of paper, water and energy at the Bank. This includes the widening of its Online Banking channels and services and the Bank’s recently launched RAKBANK Direct platform (www.rakbankdirect.ae), to save on paper consumption without compromising the Bank’s service quality.

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail 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 banking services through its 30 branches and telephone and online banking website www.rakbankdirect.ae. 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.

RAKBANK is pleased to announce the launch of its fifth branch in Abu Dhabi. The Bank’s new presence at the Al Jazirah Football Club Stadium aims to complement RAKBANK’s existing branch network and to increases the Bank’s visibility in the capital.

The new branch offers RAKBANK’s complete range of services for SMEs and individuals, from accounts, deposits and investment options to credit cards and personal, auto and mortgage loans. Its strategic location in Al Muroor neighbourhood, home to governmental hubs and residential buildings, will widen the banking options available to the nearby community and provide ample parking spaces in and around the stadium to accommodate visiting customers.

“Expanding the branch network in Abu Dhabi is in line with RAKBANK’s commitment to raise its profile in the capital over the coming years,” said Graham Honeybill, General Manager of RAKBANK. “RAKBANK has established itself as a highly active retails and small business Bank in Dubai and the Northern Emirates across various products and plans to gain a similarly strong presence in Abu Dhabi.”

The new branch in Al Jazirah Football Club is accompanied by a large RAKBANK Wealth Management center next door to cater to the Bank’s growing clientele in Abu Dhabi. The Bank’s Wealth Management center offer customers an exclusive banking experience with certified Relationship Managers to address their banking and investment needs, backed by award-winning customer service.

“Even as RAKBANK explores the new trend for online banking services with the recent launch of RAKBANK Direct, the Bank continues to scout for opportunities to expand its branch and ATM network across the UAE as part of its customer-centric approach,” added Honeybill.

RAKBANK Direct (www.rakbankdirect.ae) is the first platform of its kind in the UAE to give customers the added facility of applying for customized insurance products plus a suite of vanilla products online. The recent launch of RAKBANK Direct aims to complement the Bank’s growing branch network and to offer the Bank’s valued customers a widely convenient range of banking channels.

RAKBANK plans to open two more branches in the capital by end of this year, bringing the total number to 6 branches in Abu Dhabi by the end of 2011. The Bank currently has 30 branches and 100 ATMs spread across the UAE, complemented by 24-hour Phone Banking service. In addition, the Online Banking platform on www.rakbank.ae gives customers access and control over their accounts in a simple and secure environment, 24 hours a day.

RAKBANK launches two new Prepaid MasterCard Cards

In light of the technological advancements of the last few decades and the plunge into electronic and online services, banks have made no exception in their stride towards modern and improved banking solutions. At a time when cash no longer is king, plastic money has become a necessity especially in the UAE, where card swiping has become the preferred method of paying.

RAKBANK Prepaid Cards are the latest financial solution from RAKBANK to offer a 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’s two new MasterCard Prepaid Cards, 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.

Available to both banking and non-banking customers, RAKBANK Prepaid Cards are superior to cash because they are safer, more convenient and work anywhere, even online, without the hassle of currency conversions. While sharing the benefits of Credit and Debit Cards, RAKBANK Prepaid Cards go the extra mile to encourage financial discipline by customers allowing them to spend only up to the amount loaded on the Prepaid Cards. The Cards, in turn, are not linked to any current or savings account and therefore are available to everyone. Not only are they an efficient way of storing cash, but they also allow for unlimited cash withdrawals, online payments, and point of sale purchases whether locally or during travel. RAKBANK Prepaid Cards come with a host of lifestyle and entertainment privileges, as well, from over 50 outlets in the UAE.

“The launch of RAKBANK Prepaid Cards is a major leap forward in the local banking industry and RAKBANK is delighted to be at the forefront of this new offering,” said Graham Honeybill, RAKBANK General Manager. “RAKBANK Loaded and Bling Prepaid Cards aim to satisfy a growing need in the market for alternative banking solutions for those who, for one reason or another, do not currently have a bank account, but would still like to take advantage of the privileges that accompany plastic money.”

The advantages of RAKBANK Prepaid Cards are numerous and are especially beneficial for people who do not earn a monthly salary, such as students and stay-home mothers, where they can help budget children’s spending and household expenditures. Additionally, prepaid cards offer UAE visitors and new residents a more efficient solution to using credit and/or debit cards issued in their native countries by giving them the opportunity to benefit from zero currency exchange fees.

From March 1st to May 31st, holders of RAKBANK Prepaid MasterCard Cards are given the chance of being one of 50 lucky winners per month to enjoy an AED 500 prize. Upon loading their card, customers immediately enter into the draw and also receive an AED 50 voucher from www.smartshop.ae, an online shopping site.

Eyad Al-Kourdi, vice president and country manager, UAE, MasterCard Worldwide commented: “In recent years, prepaid has gained significant traction as a new payments category with great potential in the Middle East, including the UAE. Prepaid cards offer cardholders more convenience, flexibility and secure access to funds. It also provides a valuable and cost effective financial inclusion tool for underbanked consumers and enables them to supervise their spending, budgeting and bill payments, thereby simplifying their money management process. As a global leader in prepaid, MasterCard continues to work closely with customer financial institutions to develop innovative prepaid products and solutions for consumers’ evolving needs”.

RAKBANK Prepaid Card can be loaded and reloaded with cash easily either through depositing cash in a RAKBANK Electronic Deposit Machines (EDMs) or by making a payment at any of the Bank’s Exchange House partners, including: UAE Exchange, Al Fardan Exchange, Redha Al-Ansari Exchange, Wall Street Exchange, Al Ansari Exchange, Sharaf Exchange and Al Razouki Exchange.

Additionally, if a Prepaid Cardholder has an existing RAKBANK Account or Credit Card, then the customer can use RAKBANK’s Online Banking or Phone Banking services, or any RAKBANK Automatic Teller Machine (ATM).

Applicants for RAKBANK Prepaid MasterCard Cards do not need to have a RAKBANK account and can easily apply for a Prepaid Card by completing the online application form on the RAKBANK website, www.rakbank.ae , or by visiting any of the Bank’s branches in the UAE.

RAKBANK Prepaid MasterCard Cards are launched with the support of ElectraCard Services (ECS), a leading provider of software solutions for electronic payment systems.

Applying for Bank products now available through an easy, online-only process

As a constant innovator in the market, RAKBANK has announced the launch of RAKBANK Direct, a new and contemporary method to banking in the UAE. RAKBANK Direct (www.rakbankdirect.ae) is a new website through which Bank customers can apply for products, including insurance policies, in a simple, online-only process.

“RAKBANK is constantly looking for banking solutions that provide our customers with the utmost convenience and service quality,” said Graham Honeybill, RAKBANK General Manager. “RAKBANK Direct is the Bank’s latest offering for its busy customers who prefer to review, select, and apply for banking products from the comfort of sitting behind their computers,” added Honeybill.

RAKBANK Direct is the first platform of its kind in the UAE to give Bank customers the option of applying for customized insurance products online, including Motor Insurance, RAKcare, Family Shield Plus, and Travel insurance, all of which are provided by Oman Insurance Company. With a few clicks, customers can get a personalized quotation, upload requested documents, make a payment via their credit card or RAKBANK account, and log off from the site with a brand new insurance product!

In addition, all visitors to www.rakbankdirect.ae can apply for other products including a suite of RAKBANK credit cards, deposit accounts, and Wealth Management solutions.

“Following the Bank’s success with its social media presence on Twitter (@rakbanklive and @rakbankhelp), RAKBANK has identified a trend in the marketplace towards timely and effective banking services and solutions,” said Ian Hodges, RAKBANK Head of Personal Banking. “As the number one Bank in the UAE in customer service, RAKBANK brings its customers yet another online solution via www.rakbankdirect.ae to complement the Bank’s branch network and to cater to a growing segment of customers that prefer taking care of banking and insurance requirements online and with minimal paperwork,” added Hodges.

The host of benefits available on www.rakbankdirect.ae include interactive and comprehensive tools and videos to inform customers of features and benefits when selecting a product that works for them. Additionally, customers can enjoy the added advantage of scheduling a call back with a customer service representative at their convenience, or simply addressing their queries on the spot through a Live Chat window. If at any point in the process the customer wishes to visit a RAKBANK physical location, be it a branch or an ATM, RAKBANK Direct provides a branch and ATM Locator on its website directly linked to Google Maps.

RAKBANK Direct complements the Bank’s Online Banking solutions, launched to its customers in 2008, and the Bank’s corporate website, www.rakbank.ae.

RAKBANK has announced AED 1,002.75 million profit in 2010, an increase of 38.1% in net profit compared with AED 726.2 million for the previous year. RAKBANK has successfully surpassed the billion dirham profit mark in 2010 as it continued to focus on good opportunities in its chosen lending segments of personal, auto, and small and medium enterprise (SME) loans, in addition to credit cards and mortgages.

“RAKBANK’s record results at a time of sluggish market conditions are a testament to the Bank’s consistent business strategy and robust performance,” said Graham Honeybill, RAKBANK General Manager. “RAKBANK’s profitability is a result of the Bank’s prudent policies and underwriting processes, and more importantly, the Bank’s successful foundation in service excellence, which has helped to grow business by retaining and expanding our valued customer base.”

During 2010, RAKBANK was recognised from among 21 national and foreign banks as the ‘Best Overall Bank’ in customer service in the UAE for the fifth consecutive year in an independent study of the UAE retail banking industry conducted by service specialists Ethos Consultancy.

“As RAKBANK continued to lend in 2010, we also took advantage of the significant business opportunities identified in the first six months of the year to increase lending volumes,” added Honeybill. As a result of these opportunities, net interest income increased by 30.9% over 2009 to AED1.61 billion. Total advances as at 31st December 2010 increased by 22.1% over the previous year to reach AED16.4 billion, while total assets jumped by 25% to close at AED 21.4 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 32.7% to close at AED 17 billion compared with AED 12.9 billion in 2009. In addition to this growth in assets, other income consisting of fees, commissions, foreign exchange, investment and other operating income grew by 22% to AED 605 million.

To sustain its rapid growth, RAKBANK increased its branch and ATM network over the past year to complement its growing presence on Online Banking. The Bank currently has 29 branches across the UAE with plans to open eleven more by the end of 2012.

The Bank took adequate provisions in 2010 on its portfolio. Even though net credit losses increased by 7.1% to AED 269.8 million in 2010 from AED 251.9 million in 2009, it covered a larger asset base. RAKBANK’s trend in credit losses improved noticeably towards the end of the year, as impairment charges for the last quarter of 2010 dwindled to AED 59.5 million from AED 81.3 million registered for the first quarter.

Liquidity ratio for the year 2010 stood at 18.2% at year end compared to 16.8% at the end of 2009. During 2010, AED 1.07 billion of the Bank’s EMTN programme matured and was repaid by the Bank from internal resources.

The Bank’s capital adequacy ratio as per Basel I at end of the year was 15.4% composed entirely of Tier 1 capital against a current minimum of 12% of Tier 1 capital set by the Central Bank of the UAE.

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. “RAKBANK remains vigilant and well positioned to take advantage of potential business opportunities as they present themselves in 2011,” concluded Honeybill.

Rating

The Bank is currently rated by the following leading rating agencies. The ratings are as follows:

Dividend

The Directors have recommended a stock dividend of 20% and a cash dividend of 20%. The dividend recommended will result in almost 80% of 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 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 banking services through its 29 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 follow the Bank on Twitter @RAKBANKlive and @RAKBANKhelp.

11/11/2015

RAKBANK recently won the ‘Best Segment Solution’ award for RAKBANK World MasterCard^® Credit Card at the MasterCard Innovation Forum 2015, held in Kuala Lumpur. RAKBANK was recognized for its continuous efforts in offering innovative products that understand consumer needs and in delivering highly effective payment solutions. 

Holders of the World MasterCard^® Credit Card enjoy up to 10% on domestic and international spends, 0% easy payment plans for 3, 6, 9 or 12 months at a wide range of participating merchants, and 0% interest on balance transfers for 3 months. The Card also extends up to 55 days interest free credit in addition to exclusive discounts on health insurance. 

The award ceremony was attended by two members of the RAKBANK Cards’ team, Rijesh Rajendran, Head of Card Products, and Pradeep Kamath, Business Intelligence Manager, who accepted the award on behalf of the Bank.

sssss

Bank makes wish come true for new Millionaire

A loyal RAKBANK customer for the past three years, Rami Eldarwaly recently had his prayers answered when he was announced the Bank’s latest millionaire winner. With a million dirhams credited to his account at the start of the New Year, the customer’s financial burden that ensued from the economic downturn has now become a thing of the past.

Rami’s recent win from RAKBANK will go a long way in allowing the father of four to reunite with his family, who had to move back to their native country when his investments in the UAE turned sour. “This million dirham prize couldn’t have come at a better time,” said Rami. “I would like to thank RAKBANK not only for coming to my rescue with this wonderful surprise, but also for the valuable and professional relationship it has maintained with me for the past few years,” he added.

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 card 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 purchases, no annual fee ever, competitive interest rates, and lifestyle privilege offers from over 70 outlets through the Rakfeast dining and discount program.