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30/03/2020

RAKBANK successfully concluded its Annual General Meeting (AGM) today through electronic participation, where the shareholders approved the cash dividend of 30% of the Bank’s paid-up capital amounting to 30 fils per share, for the financial year ended 31 December 2019. The dividend distribution will result in approximately 46% of Group’s net profit being paid out.   

Participating shareholders approved all agenda items including the Bank’s consolidated balance sheet and profit and loss statements for the financial year ended 31 December 2019. 

RAKBANK Chairman, H.E. Mohamed Omran Alshamsi, commented on the Bank’s performance for the financial year ended 31^st December 2019:
“We are proud to have delivered an increase in Net Profit of AED 177.7 million or 19.4% to reach AED 1,095.3 million. The Bank was successful in reducing provisions for credit losses by AED 107.9 million or 7.6%, with Total Income reaching close to AED 4 billion. Total Assets grew by 8.4% to AED 57.1 billion and Customer Deposits increased by 7.9% to AED 36.8 billion. In the course of the year, we have implemented a range of cost optimization initiatives, and we have reported a Cost-to-Income ratio of 39.5%.

2019 was a very successful year for RAKBANK, however we acknowledge the extremely challenging times that we currently face globally in the light of the Covid-19 issue. At RAKBANK, we firmly support the range of initiatives undertaken by the various government entities to assist contain the spread of the virus and we will take every step possible to assist our clients in these times of need. RAKBANK remains a strong, well-capitalized institution with our capital ratios at the end of 2019 being 16.83% and CET 1 of 15.

24/03/2020

United Arab Emirates, 24 March 2020: The National Bank of Ras Al Khaimah (RAKBANK) today announced further plans to provide financial relief to individuals, SMEs, and corporates impacted by the economic consequences of the coronavirus, also known as the COVID-19. 

Effective immediately, RAKBANK made a commitment to work with individual customers, SMEs and large corporates on a case-by-case basis to provide flexible solutions to help them manage through challenges such as pay disruption due to COVID-19 or those customers facing illness from the virus.

For individual customers the Bank will provide payment deferrals of up to 3 months on auto loans and personal loans for COVID-19 impacted salaried and self-employed individuals without any charges. In addition, credit cardholders will be given a choice to defer card payments for one month without any deferral charges. 

Also, the Bank will provide Customers with an option to convert education and electronic spends on their conventional credit cards into an Easy Payment Plan (EPP) option at 0% interest rate and zero processing fee for up to 24 months. The EPP solution provides parents with the technological tools to meet their children’s e-learning needs throughout their educational journey and helps individuals to work from home, allowing them to purchase laptops and tablets, and better manage their cash flow in uncertain times. With schools being hard to reach at the moment, we advise parents to conduct all school-related payments digitally through RAKBANK’s Skiply App for those school that use this platform. 

Small to medium sized business owners facing hardship due to the public’s precautionary spending and reduced economic activities and aftermath of the coronavirus outbreak are encouraged to contact the Bank and discuss options for financial relief that could be available for them. This includes reducing RAKBANK’s SME Prime lending rate and offering payment relief to customers availing business loans or asset backed loans up to a period of 6 months for businesses that are impacted by the COVID-19 without any additional fees incurred or penalty interest charged. 

RAKBANK established a direct helpline to assist its Business Banking customers in these challenging times or urge them to directly contact their Relationship Manager for further assistance. It is important to note that Trade Finance solutions and Real Estate financing for the Bank’s Business Banking customers will be dealt with on a case-by-case basis and necessary assistance will be provided.

The Bank will be waiving off local transfer charges conducted via the Digital Banking app or the ATMs and Electronic Deposit Machines (EDMs). RAKBANK is also offering a onetime discount of up to 50% on overdue transaction fees as well as discounts on Trade Finance services done via the Bank’s Digital Banking. Lastly, RAKBANK is offering RAKstarter zero balance current account to start-ups and new entrepreneurs. 

RAKBANK is urging all customers, especially SMEs, to take their business online with several options to efficiently run their operations successfully and not have any health implications on the surrounding environment. RAKBANK Simplify instantly transforms businesses onto a web platform. The Simplify platform’s monthly fee will be waived off for the next 3 months to businesses that offer essential services like delivery of medicines, groceries and other related services. The RAKBANK Simplify Commerce service allows merchants to generate and send secure payment links to customers to collect payments online, thereby encouraging social distancing.

Wholesale Banking customers that are directly impacted due to COVID-19 are encouraged to contact their Relationship Managers at RAKBANK to discuss any concerns they might have, and potential options and solutions that will help them overcome the current circumstances. 

Peter England, Chief Executive Officer at RAKBANK, said:
“We are continuously monitoring the developments of the coronavirus and are always prepared to support our customers facing financial hardship or loss of income due to the COVID-19’s economic impact on individuals, SMEs and corporates, including elimination or reduction of many fees. These measures are an important first step and underscore the resilience of UAE's financial system and the strength of our regulators. RAKBANK will monitor evolving conditions and consider more actions as necessary. The public’s safety is a top priority at RAKBANK.”

For customers, we recommend replacing visits to RAKBANK branches with alternative channels available to use remotely at their convenience. Alternative channels include ATMs and EDMs and RAKBANK’s Digital Banking app. In addition, customers can contact Bank representatives through the web chat services available via the website and Digital Banking app or directly call the Bank’s contact centre.

With RAKBANK’s Digital Banking platforms, customers can access a variety of banking services that can be completed in just a few simple clicks. In case customers still need to visit the Bank’s branches or use ATMs / EDMs, they are being sanitized regularly and hand sanitizers are available.

RAKBANK is taking necessary measures internally to protect its staff against the virus. Regular communications are being circulated to employees at all levels regarding tips and precautions that can be taken as preventative measures against the coronavirus outbreak and have installed Thermal Scanners at the Bank’s headquarters. 

Furthermore, the Bank has adopted a social distancing method through which front-facing staff at all branches, centres as well as headquarters are not to leave their place of work for meetings, whether it is internal or with external vendors. Currently, RAKBANK started setting up arrangements for a large number of staff (depending on the need) to work from home. 

RAKBANK continues to monitor and adapt its approach with the ultimate aim to better protect all stakeholders dealing with the Bank on a regular basis. 

25/02/2020

• All 36 RAKBANK branches will offer digital registration facilities to customers through a secure device

United Arab Emirates, 25 February 2020: The National Bank of Ras Al Khaimah (RAKBANK) announced today that it has implemented UAE Pass registration, a National Digital Identity and Digital Signature solution for the UAE, across all 36 branches. The UAE Pass solution enables the Bank’s customers and potential customers to complete their registration seamlessly and securely in just a few simple clicks of a device with the help of the Bank’s staff at any of the branches. 

Frederic de Melker, Managing Director of Personal Banking at RAKBANK, said:

“RAKBANK is honoured to play an integral role in this nationwide initiative and become the first bank in the country to offer a UAE Pass registration facility across our branches. The digital identity and signature solutions will particularly resonate with today’s smart customers who always prefer access to services and solutions through convenient and secure digital means.” 

Geoff Stecyk, Chief Operating Officer at RAKBANK, said: 

“The Bank’s commitment to support UAE Pass registration across its Branches will help our customers easily set up their digital identity and will significantly smoothen their interactions with government bodies and financial institutions. Essentially, this nationwide adoption offers a seamless authentication process with a high level of security whereby we will continuously focus on integrating its ample features within our portfolio of digital services. Currently, the Bank is working on plans to accept digital on-boarding facilities, logins and digital signatures that ultimately benefits our customers and simplifies their banking journey with us.” 

During the last quarter of 2019, the Bank announced that it was one of the pioneering banks to sign a service agreement for UAE Pass with Telecommunications Regulatory Authority (TRA), Abu Dhabi Digital Authority and Smart Dubai. RAKBANK is quick to see the benefits offered by this extraordinary initiative. In essence, it is a composition of brilliant features that allows for UAE residents to securely store and access their personal information digitally. With boundless potential, the UAE Pass is currently working to implement features such as facilitating transactions, a seamless authentication and on-boarding process for the Bank, the ability to scan Emirates ID, digitally sign forms, and more.

Furthermore, UAE Pass is in line with RAKBANK’s commitment to placing its customers’ needs first and providing them with highly convenient, secure, and simple digital on-boarding facilities to help simplify their banking requirements. This nationwide initiative aims to provide a single trusted digital identity solution for service providers in the UAE, while maintaining a high level of security assurance and seamless user experience. UAE PASS is a fundamental enabler for digital transformation initiatives, and a contributor towards achieving the goals of UAE Vision 2021, UAE Centennial 2071, and sustainable development.

23/02/2020

RAKBANK recently enhanced its current remittance footprint in the Philippines by partnering with BDO Unibank, a full-service universal bank in the Philippines. The Bank’s RAKMoneyTransfer (RMT) services will now enable customers to make instant, frictionless, and secure money transfer services to any bank account in the Philippines through RippleNet. This RMT service is free of charge until February 29, 2020. 

Peter England, RAKBANK CEO, said, “We, at RAKBANK, are committed to increasing our international remittance footprint and are delighted to enhance our RMT services into the Philippines, thanks to our partnership with BDO. This partnership aims to offer the Filipino expat community here in the UAE the ability to safely and instantly remit money back home at competitive rates with zero back-end charges and no hidden fees.”

BDO Unibank for its part says its connection to RippleNet has broadened its worldwide reach to financial institutions and clients. Through RippleNet, BDO Unibank is now connected to RAKBANK, which has become Philippine’s bridge to offering banking and financial services to the Filipino expat community in the UAE.

RippleNet’s global network of banks and financial institutions enables secure, faster, and lower-cost payments around the world. The transactions can be done using the RMT service via RAKBANK’s award winning digital banking platform. The comprehensive digital service is available 24X7 all year round. 

05/02/2020

• Bank’s Full-Year 2019 Net Profit increased by AED 177.7 million (19.4%)
• RAKBANK’s Total Assets grew by 8.4% during 2019
• Gross Loans and Advances is at AED 36.3 billion as of 31st December 2019, up 4.1% from the previous year

The National Bank of Ras Al-Khaimah (“RAKBANK”) has announced a consolidated Net Profit of AED 1,095.3 million for the Full-Year of 2019, increasing by AED 177.7 million over the previous year. The Growth in the Bank’s Net Profit was driven by the improved net interest income, an increase in the net income from Islamic financing and the non-interest income as well as a reduction in the provisions for credit loss for the year. As at 31 December 2019, the Total Assets stood at AED 57.1 billion, a rise of 8.4% compared to the 31 December 2018. 

The Board of Directors recommended a distribution of cash dividend of 30 fils per share for the shareholders’ consideration and approval at the Annual General Meeting (AGM).

RAKBANK CEO, Peter England, commented: “2019 represented a milestone for RAKBANK with total income reaching close to AED 4 billion for the first time in the Bank’s history. We also saw a significant boost in our fee income line to reach an all-time high of AED 1.18 billion. The results of our significant shift in strategy that we set out on in 2015 to diversify the Bank’s earnings base continue to deliver market leading results. The growth in RAKBANK’s net profit for 2019 was supported by a year-on-year drop in the Bank’s provision for credit loss by AED 107.9 million which again demonstrates the effectiveness of our diversification strategy and continual focus on asset quality. Gross Loans and Advances grew year-on-year and Customer Deposits climbed to a record high, increasing by 4.1% and 7.9% respectively compared to the previous year. Loan growth was largely driven by our Wholesale Banking and Financial Institutions businesses whilst the Bank retained its market leading position in the small business sector and continued to roll out innovative offerings in the Personal Banking space.”

FY 2019 highlights:

• Net Profit increased by 19.4% year-on-year
• Total Income increased by 4.0% year-on-year
• Total Assets increased by 8.4% year-on-year
• Improved asset quality resulted in a decline in provisions 
• Annualized Return on Assets stood at 2.0% and Return on Equity at 14.9%

Performance review:

Total Income was AED 3.98 billion for the financial year ended 31 December 2019, which increased by 4.0% as compared to the same period of the previous year. Net Interest Income and Net Income from Islamic Finance for the year 2019 was AED 2.8 billion, growing by 1.2% year-on-year. Non-Interest Income improved by AED 118.6 million year-on-year to AED 1.2 billion, mainly due to an increase of AED 84.2 million in Forex & Derivative income and AED 43.1 million in Fee & Commission income. Operating expenses increased 5.5% year-on-year and the cost to income ratio closed at 39.5% for the year. 

Gross Loans & Advances increased by AED 1.4 billion to AED 36.3 billion, which is a rise of 4.1% year-on-year resulting in the direct contribution towards the Bank’s total assets and increasing it by 8.4% to AED 57.1 billion compared to the end of 2018. The Total Assets at RAKBANK also increased because of an increase in bank loans of AED 1.8 billion and a growth in the Investments portfolio of AED 1.0 billion. Additionally, Customer deposits grew by AED 2.7 billion to AED 36.8 billion, a 7.9% increase compared to the end of 2018. 

Asset quality
Provision charge for credit loss continued its downward trajectory during 2019, decreasing by AED 107.9 million (FY 2019 Vs FY 2018) which is a 7.6% decline year-on-year. The Non-Performing Loans and Advances to Gross Loans and Advances ratio closed at 4.0% compared to 4.2% as at 31 December 2018. RAKBANK is well provisioned against loan losses with a loan loss coverage ratio of 118.4%, excluding mortgaged properties and other realizable asset collateral available against loans. 

Capitalization and liquidity
The Bank’s Total capital adequacy ratio as per UAE Central Bank regulations stood at 16.8% at the end of December 2019. The Common Equity Tier 1 ratio of the Bank stood at 15.7%. The regulatory eligible liquid asset ratio was 12.9% at the end of December 2019 well above the minimum requirement of 10.0%. The advances to stable resources ratio stood comfortably at 89.1% compared to 94.5% at the end of 2018. 

RAKBANK’s Chairman, H.E. Mohamed Omran Alshamsi, commented: “In a steadily growing economy marked by digital advancements and product launches, the Bank produced yet another strong fourth quarter and full year, allowing us to increase investments in our customer value proposition, the community, and employees, while keeping a close eye on expenses. RAKBANK’s core business is resilient and our diversified portfolio resulted in an increase in the Bank’s assets and the growing customer deposits, which in turn will allow us to continuously deliver robust and sustainable results for the future.” 

Financial highlights:

22/01/2020

• RAKBANK Corporate Purchase Card, Corporate Executive T&E Card and B2B Virtual Card payment solution unveiled for the UAE Market
• Corporate Payment Solutions to enable and drive controls, security, efficiency and savings for medium and large corporations 

RAKBANK, a leading bank in the region, and Mastercard today announced the launch of a comprehensive product suite of corporate payment solutions that include a Corporate Purchase Card, Corporate T&E Card and B2B Virtual Card that allows corporates to seamlessly manage their accounts payables with higher savings, efficiency, integrated reporting and greater control. 

The RAKBANK Corporate Purchase Mastercard Card offers corporates a secure and simple way of making high value enterprise level B2B, B2G and cross-border payments as well as efficiently monitoring their travel and entertainment expenses via the SmartData expense monitoring and management tool. 

The Virtual Card variant of the RAKBANK Corporate Purchase Card is powered by Mastercard’s In Control™ Platform through which cards are issued online for transactions and securely transmitted to a merchant for payments. The Virtual Card is easy to use, highly secure and can be directly linked to purchasing orders, invoices or project numbers to ensure an automated and accurate cost center allocation with Enterprise Resource Planning (ERP) integration. 

The solutions come with consolidated e-statements of all spends, helping to simplify reconciliation and offer enhanced reporting. The cards are free for life and offer 55-day interest-free credit to corporates.

The Corporate Executive Travel & Entertainment Mastercard Card offers ease in managing companies’ travel and entertainment expenses. It comes packaged with benefits such as complimentary airport lounge access in more than 1000 lounges across 300 cities with LoungeKey, as well as unlimited free Marhaba Lounge access across the MENA region. It provides peace of mind to cardholders with complimentary travel and accident insurance, cover for medical emergencies, trip cancellations and lost baggage in addition to other value-added benefits.
 
Managing Director of Personal Banking, Frederic de Melker commented:

“The commercial payments landscape and requirements have dramatically shifted and expanded over the last few years in the UAE. The use of electronic and digital-platforms have opened new opportunities for the potential use of cards for spends that were traditionally transacted in cash and cheques. We therefore see an opportunity to launch a suite of robust and specialized corporate payment solutions that will enable corporates to manage employee expenditure seamlessly and simplify the procure-to-pay process to facilitate business related payments with enhanced controls and visibility.”   

Rahul Oberoi, Managing Director of Wholesale Banking added: 
 
“This is a valuable addition to the diverse range of products and services that are offered by RAKBANK. As a Bank, we strive to continually introduce new products and solutions that will assist our customers not just financially, but in direct support of their business objectives of efficiently managing expenses and taking advantage of unique deals and solutions. With this launch, RAKBANK offers a complete suite of innovative Corporate Payment Solutions that will reduce paperwork, time and improve operating efficiencies of our corporate customers.”

Girish Nanda, General Manager – UAE & Oman, Mastercard said: 

“Digital payments offer businesses the transparency and convenience of knowing how and where their money is being spent. This in turn provides decision-makers with timely and relevant insights to build efficiencies into their cash flow management. We are delighted to build on our long-standing relationship with RAKBANK to bring the latest payment innovations to their corporate customers. As a trusted technology partner to businesses worldwide, Mastercard’s corporate card suite offers business leaders effective tools to better manage their operations and grow their businesses while benefitting from the unique benefits available to Mastercard cardholders.”  

22/12/2019

RAKBANK is one of the Pioneer Banks to participate in UAE PASS 

• RAKBANK will be one of the first Banks to implement UAE Pass
• UAE Pass will be integrated within the Bank’s digital onboarding process

United Arab Emirates, 22 December 2019: The National Bank of Ras Al Khaimah (RAKBANK) announced today that it is one of the pioneer Banks to sign a service agreement for UAE PASS, a National Digital Identity and Digital Signature solution for the UAE.

The UAE PASS enables customers and potential customers to identify themselves to the Bank through a smartphone-based authentication with a high level of security. This initiative is part of the digital onboarding project that the Bank is implementing, which enables customers to complete their documentation online seamlessly and securely in just a few simple clicks via UAE PASS. 

Geoff Stecyk, Chief Operating Officer at RAKBANK, said: 

“UAE Pass is a nationwide initiative and RAKBANK is proud to be one of the first banks to support it. The Bank is fully committed to placing its customers’ needs first and providing them with highly convenient, secure, and simple digital banking services and this agreement helps facilitate the paperwork required. RAKBANK is excited to integrate UAE PASS into its digital offerings over the coming months.”

UAE Pass is a joint initiative between Telecommunications Regulatory Authority (TRA), Abu Dhabi Digital Authority and Smart Dubai, which aims to provide a single trusted digital identity solution for service providers in the UAE, while maintaining a high level of security assurance and seamless user experience. UAE PASS is a fundamental enabler for digital transformation initiatives, and a contributor towards achieving the goals of UAE Vision 2021, UAE Centennial 2071, and sustainable development. 

18/12/2019

• First prepaid program to offer both a physical card and a virtual solution with peer to peer transfers
• Cards are pre-loaded with AED 100 at activation and can be acquired at select Zoom outlets across various emirates
• Customers can enjoy seamless Card activations, fund top-ups, and more through the RAKBarça Mobile App 

 
RAKBANK and FC Barcelona consolidate its regional partnership via the launch of the FC Barcelona Prepaid Card, powered by Mastercard. This new Prepaid Card is the latest addition to RAKBANK’s Personal Banking product portfolio, and is the first prepaid program to offer both a physical card and a virtual solution with peer to peer transfers, supported by a dedicated ‘RAKBarça’ mobile application. 

With this new product offering, RAKBANK brings FC Barcelona closer to a growing fan base and sport enthusiasts in the UAE. The FC Barcelona Prepaid Card offers customers a smarter and more seamless transaction option. The Card is pre-loaded with AED 100 at activation and can be acquired at 26 select ZOOM outlets across various emirates. ZOOM is present at ENOC service stations, in the Dubai Metro, and in local residential and commercial communities. Customers just need to present their valid Emirates ID to buy the card pack. 
 
In line with RAKBANK’s commitment to innovation in digital solutions, the RAKBarça mobile application allows cardholders to effortlessly activate their Card, top-up funds, check balance and monitor transactions. The mobile application also provides the convenience of easily transferring money between friends using the SocialPay feature. The FC Barcelona Prepaid Card is enabled for contactless payments through Samsung Pay, Apple Pay and Google Pay. RAKBANK Prepaid Cardholders can add their card details on their smartphone and smartwatch to enjoy instant access to contactless payments at point-of-sale terminals and cash withdrawals at contactless-enabled RAKBANK ATMs.
 
Frederic de Melker, Managing Director of Personal Banking at RAKBANK, said: 
 
“The strategic partnership that we signed with FC Barcelona last year resulted in the launch of an exclusive co-branded Credit Card and has now allowed us to launch this first-of-its-kind co-branded Prepaid Card. When we developed the Card, we knew that it would be vital to focus our efforts on creating a robust digital interface for our customers to enjoy a seamless user experience. This Prepaid Card is going to be particularly appealing to young and tech-savvy football fans in the UAE, who now have a solution that offers convenient and secure digital payments for their everyday purchases.”

24/11/2019

The National Bank of Ras Al Khaimah (RAKBANK) has partnered with Principal Portfolio Strategies, a specialized boutique within Principal Global Investors, LLC to produce periodic investment publications to update its clients of current investment market conditions, asset class performance and investment outlook.  

The latest publication focuses on the market’s economic achievements for the third quarter, expectations for the remainder of the year and the outlook for global economy and asset classes next year. This was presented to RAKBANK’s Wealth Management customers at an exclusive event hosted by the Bank at The Palace in Downtown Dubai.

Frederic de Melker, Managing Director of Personal Banking at RAKBANK, said: 

“The Bank’s partnership with Principal Portfolio Strategies represents an important step in further strengthening RAKBANK’s role for its Elite banking customers as a trusted financial partner. The extensive Economic Journal serves as an independent view on investment markets and we continue to enhance our products and solutions to help our customers achieve their financial goals.” 

The Economic Outlook journals will be available to all of RAKBANK’s Wealth Management customers every quarter and aim to keep them informed and build awareness around the state of global economy and key themes impacting the investment markets.  

06/11/2019

• The Bank partnered with reputable entities to help create a digital community platform that delivers an entire spectrum of Financial services and non-banking value added services specifically for SME’s
• SMEsouk is the perfect digital medium that links SMEs with a list of innovative solutions that will help their businesses thrive

United Arab Emirates, 06 November 2019: Recognizing the importance of creating a flourishing ecosystem and environment for SMEs, RAKBANK launches a commitment to support small businesses through an exceptional digital community platform called SMEsouk. The platform’s core focus is to support SMEs by connecting them with complimentary industries for a comprehensive suite of non-banking value added services such as licensing, accounting, insurance, trade requirements, and more.

The digital community platform serves SMEs in the UAE by addressing the challenges and pain points of conducting business. Similarly, SMEsouk directs users and customers to offers and unique financial packages available in just a few simple clicks. Likewise, customers will also be able to read through all the latest news, insight and information on what’s shaping the world of business from diverse industries as well as access to a lot of tips and ideas that SMEs can incorporate to help nurture their business’s growth. 

Dhiraj Kunwar, Managing Director of Business Banking at RAKBANK, said: 

"RAKBANK has partnered with reputable Government and Private Entities to help create a digital ecosystem that we can constantly update and enhance to help in delivering a comprehensive suite of non-banking value added services that fulfils the needs of the business customers of tomorrow, our Business Banking customers may also take advantage of the preferential terms that our partners will offer them. We believe and are proud to say that the SME experience with RAKBANK is constantly transforming and growing as we look forward to being a part of SMEs journey as they grow."

Peter England, RAKBANK CEO, said: 

"We are the leading SME bank in the country, and this is because SME needs and requirements are placed at the core of our strategy. At RAKBANK, we believe in supporting SMEs and our new digital initiative offers a wide range of services and solutions that helps them reach their full potential. We have partnered with a number of service providers in areas such as licensing requirements, accounting solutions, insurance, trade solutions and more to provide a range of value added services to our clients. We look forward to growing and developing the range of services and products on SMEsouk which ultimately will bring benefit to all of our clients in the SME ecosystem."

23/10/2019

• Nine-month Net Profit of AED 839.4 million increased by 24.9% year-on-year
• Total Income increased by 5.8% year-on-year
• Total Assets increased by 8.7% year-on-year and by 6.8% year-to-date

The National Bank of Ras Al Khaimah (RAKBANK) Group (“RAKBANK” or the “Bank”) has announced a consolidated net profit of AED 839.4 million for the nine-months period ended 30 September 2019, a growth of 24.9% year-on-year. The third quarter of 2019 generated a profit of AED 284.5 million, an increase of 18.5% year-on-year. The Gross Loans & Advances have grown by 4.3% year-to-date to AED 36.3 billion. 

Commenting on the results, Peter England, CEO of RAKBANK, said: “We achieved another very good result with total income for the third quarter of 2019, exceeding AED 1 billion and net profit reaching AED 284 million, which was an 18.5% increase over the same period of last year. Looking at the year-to-date results, net profit increased by 24.9% to AED 839 million on the back of strong income growth and a continued reduction in provisions despite a challenging external environment. Total Income grew by 5.8% compared to the same period last year and stood at close to AED 3.0 billion for the first nine months of 2019. The stand out performer of the year continues to be fee income, with all business units recording solid growth in this area relative to their performance in 2018, leading to a 17.9% increase in this line. Our Gross Loans and Advances increased by 3.4% year-on-year, which was mainly driven by Wholesale Banking and Financial Institutions Group segments. Diversification of our balance sheet whilst retaining a firm commitment to the SME sector has been at the heart of our strategy over the last 5 years and the results of this continues to bear fruit in terms of sustained income growth and lower provisions.”

Nine month 2019 financial highlights 

• Net Profit increased by 24.9% year-on-year
• Total Income increased by increased by 5.8% year-on-year
• Total Assets increased by 8.7% year-on-year
• Improved asset quality resulted in a decline in provisions 
• Return on Assets stood at 2.1% and Return on Equity at 15.5%

Performance review

Total Income is AED 3.0 billion for the nine months ended 30 September 2019, which increased by 5.8% as compared to the same period of the previous year. Net Interest Income and Net Income from Islamic Finance for the first nine months of 2019 was AED 2.1 billion, growing by 1.2% year-on-year. Non-Interest Income improved by AED 138 million year-on-year to AED 907 million, mainly due to an increase of AED 74 million in Forex & Derivative income and AED 54 million in Fee & Commission income. Operating expenses increased 5.6% year-on-year and the cost to income ratio for the period closed at 39.2%.

Gross Loans & Advances increased by AED 1.5 billion to AED 36.3 billion, which is a rise of 4.3% year-to-date, which contributed to an increase of the Bank’s Total Assets by 6.8% to AED 56.3 billion compared to the end of 2018. Likewise, the Total Assets increases was also because of the growth of Bank placements of AED 1.2 billion and an increase in Investments by AED 0.9 billion. In addition, Customer deposits grew by AED 2.3 billion to AED 36.5 billion, a 6.8% growth compared to the end of 2018. 

Asset quality

Impairment charge continued their downward trajectory from its peak in the third quarter of 2018. Impairments decreased by 9.9% (Q3 2019 Vs Q3 2018) which is a 6.3% decline year -on-year. The Non-Performing Loans and Advances to Gross Loans and Advances ratio closed the period at 3.7% compared to 4.2% as at 31 December 2018. RAKBANK is well provisioned against loan losses with a loan loss coverage ratio of 129.1%, excluding mortgaged properties and other realizable asset collateral available against loans. 

Capitalization and liquidity

The Bank’s Total capital adequacy ratio as per UAE Central Bank regulations stood at 17.5% at the end of September 2019. The Common Equity Tier 1 ratio of the Bank stood at 16.4%. The regulatory eligible liquid asset ratio at the end of September 2019 was 12.2% well above the minimum requirement of 10.0%. The advances to stable resources ratio stood comfortably at 89.5% compared to 94.5% at the end of 2018.

England concluded: “On the innovation front we continue to develop market leading products and services such our ‘RAK Starter’ business account that is exclusively for start-up companies registered in the UAE. Additionally, the Bank partnered with Mastercard to offer its Business Banking customers access to an online payments gateway that is safe, simple and smart via a new portal called Simplify Commerce. We also revamped our RAKBANK Gold Account that offers our customers access to gold at extremely competitive rates, where they can buy or sell gold at anytime from anywhere in seconds using RAKBANK Gold Account, through RAKBANK’s Digital Banking App and continued to grow and develop our on-line real time remittance platform, ‘RAKMoneyTransfer’. We also made significant progress on our new Mobile Banking application which is due for release in the 4th Quarter of this year.” 

Financial highlights:
 

30/09/2019

The National Bank of Ras Al Khaimah, RAKBANK, and the Dubai Festivals and Retail Establishment, DFRE, have signed a multi-year strategic partnership agreement that designates RAKBANK as the exclusive banking partner of DFRE’s retail calendar. 

The partnership assigns RAKBANK the rights as the ‘Key Sponsor’ to DFRE’s annual retail events including the eagerly anticipated Dubai Shopping Festival, the rewarding Dubai Summer Surprises, the 3-day Super Sales and many more retail festivals that take place all-year round. This will allow RAKBANK Credit, Debit and Prepaid cardholders to enjoy a plethora of benefits such as exclusive shopping privileges and additional offers and promotions. 

The signing ceremony was attended by His Excellency Helal Saeed Al Marri, Director General of Dubai Tourism; Ahmed Al Khaja, CEO of DFRE; Peter England, Chief Executive Officer of RAKBANK; Frederic de Melker, Managing Director of Personal Banking; Nitin Agarwal, Director Cards Business at RAKBANK, along with additional senior management representatives from both RAKBANK and Dubai Tourism. 

Ahmed Al Khaja, CEO, Dubai Festivals and Retail Establishment (DFRE), commented: “We are thrilled to have RAKBANK as the exclusive banking partner of Dubai Festivals and Retail Establishment’s (DFRE) annual Retail Calendar and are incredibly grateful for their continued commitment, innovation and passion. We are confident that this multi-year partnership will continue to enrich and drive the success of the Retail Calendar, providing RAKBANK cardholders with attractive benefits and unique rewards. We remain committed to fulfilling ambitious retail strategies alongside the city’s leading entities to make Dubai one of the most desirable shopping locations in the world.”

Frederic de Melker, Managing Director Personal Banking at RAKBANK, commented: “The promotions and celebrations that Dubai Festivals and Retail Establishment (DFRE) orchestrate throughout the year not only offer residents and visitors unrivalled shopping experiences, but also play a key role in supporting the efforts to diversify UAE’s economy. Our partnership with DFRE is built on the premise of working jointly to enhance value for shoppers and exploring innovative solutions that provide our cardholders a superior retail experience in Dubai. The effort will also provide a positive stimulus to increase footfall at malls and support Dubai’s already thriving retail industry. The DFRE retail events that are spread across the year are much anticipated by consumers, with thousands of shoppers taking full advantage of the sales, offers and exclusive discounts offered. This is yet another reason for shoppers to apply for a RAKBANK card and start a new banking relationship.”  

16/09/2019

RAKBANK SME customers will now be able to create an online store, accept online payments, manage invoices and prevent fraud, via RAKBANK’s SME payment solution which is powered by Mastercard

16 September, Dubai, UAE – The National Bank of Ras Al Khaimah (RAKBANK) today announced its partnership with Mastercard, a technology leader in the global payments industry, to make online payments for Small Medium Enterprises (SMEs) safe, simple and smart. The partnership is a push towards driving e-commerce growth for SMEs, positively impacting their long-term sustainability through technological innovation. 

The RAKBANK solution, which is powered by Mastercard’s Simplify Commerce, enables RAKBANK SME customers to create their own online store, accept digital payments, manage invoices and minimize fraud via a single portal. The technology will enable merchants to reach more consumers, including those from international markets as well as promote products via social media. The portal is underpinned by the reach, security and reliability of Mastercard’s industry leading technology and network.

Commenting on the partnership, Frederic de Melker, Managing Director of Personal Banking at RAKBANK added: “The Simplify Commerce tool is in line with RAKBANK’s goal of providing our customers the digital support required to run an effective business in today’s digitally driven world. RAKBANK is a market leader in the digital transformation of banking services. From digital wallets and contactless payments to instant remittances; innovation is aligned with our strategy for diversification.”

Girish Nanda, Country Manager – UAE & Oman, Mastercard said: “Tech-savvy consumers in the UAE and across the region are increasingly relying on their smartphones and connected devices to make purchases. Going digital is thus not just good for young businesses, but is a necessity. As a strategic partner to the country’s business and financial institutions, Mastercard is well-positioned to unlock economic opportunities for small businesses by leveraging digital payments to grow revenue streams through an intuitive and user-friendly solution. The Simplify Commerce tool is a seamless and innovative tool that will drive SME growth, and further transition the UAE towards transforming into a cashless society.”

Dhiraj Kunwar, Managing Director of Business Banking at RAKBANK said “As the leading SME Bank in the country, the agreement with Mastercard offers our business banking customers the online support system needed to run their business as efficiently and effectively as possible. The Simplify Commerce tool saves our business customers two material features that business owners value the most – time and money.”

According to the UAE SME Council, the sector is expected to contribute over 50% to the country’s GDP in 2019. With strong growth prospects ahead, Mastercard is committed to unlocking the economic potential of SMEs in the UAE and across the region, with a series of strategic initiatives that add real value to their financial growth and sustainability, ultimately enabling the shift towards a world beyond cash. 

11/09/2019

Under the patronage of HE Engineer Sheikh Salem Al Qassimi, board member of RAKBANK and Chairman of the RAK Department of Civil Aviation, RAKBANK was honored to invite officials from the Criminal Investigation Department (CID) and the Raffa Police station to accept awards and recognition for their endless support and vital assistance to the Bank for combating fraud, money laundering and cybercrimes. This appreciation ceremony was hosted at the Bank’s headquarters in Dubai Silicon Oasis. 

Peter England, RAKBANK CEO, said: “The support that CID and the Raffa Police station offered this year, and throughout the years too, has been vital in helping RAKBANK combat fraud, money laundering and cybercrimes. Security and Compliance is part of RAKBANK’s framework, and this was achieved with the help of our support system that was readily available to us from the Banking Sector teams at CID and Police stations across the UAE, we are extremely grateful for your help and constant support.”

Ceremony attendees: HE Engineer Sheikh Salem Al Qassimi, board member of RAKBANK, RAKBANK CEO, Peter England, CRO, KS Ramakrishnan, Head of Fraud Investigations, Amit Singh and the Chief HR Officer Ahmed Yousef. Including Brigadier Ahmed Thani Ali Ben Ghalidhah and members of the Raffa Police Station, the Criminal Investigation Department, as well as the Head of the Banking Section of the Criminal Investigation Department, Ali Abdul Karim Mohamed along with his Unit’s representatives from the Banking section of CID.

27/08/2019

• The MOU will offer RAKBANK Business Banking customers and SMEs Business Information, Risk and Compliance solutions at preferential terms

The National Bank of Ras Al Khaimah (RAKBANK) has entered into a Memorandum of Understanding (MoU) with CRIF GULF DWC LLC (Dun & Bradstreet), one of UAE's leaders in business information services, data analytics, risk, and compliance solutions. 
 
The MoU will enable RAKBANK's Business Banking unit to offer its customers specialized services relating to risk, compliance, business information, analytics, and accumulate reports at preferential terms through this partnership. Customers will have access to great discounts on the aforementioned services to facilitate their business, making it more efficient, effective, and secure.
 
Commenting on the partnership Dhiraj Kunwar, Managing Director of Business Banking at RAKBANK, said:
 
Our continuous focus on innovation means Business Banking customers will benefit from the digital facilities that serve to protect and support customers’ businesses through RAKBANK’s valuable partnership with CRIF GULF DWC LLC (Dun & Bradstreet). Not only does this partnership offer risk and compliance services at competitive and discounted rates, but it also provides business information, analytics and reporting to support these businesses in making calculated decisions based on data that has been compiled through the platform provided by our partners. As a Bank, we constantly focus on developing services and solutions for our business customers that revolve around supporting them in more ways than just financially.”
 
Manjeet Singh Chhabra, the Managing Director of CRIF GULF DWC LLC (Dun & Bradstreet), said:
 
"We are happy to join forces with RAKBANK to serve a specific need of SMEs in the region. This partnership makes CRIF D&B solutions seamlessly available to RAKBANK's customers, making them improve performance and competitiveness through better use of data and insights." 
 
The MoU was signed by K.S. Ramakrishnan, Chief Risk Officer of RAKBANK; Dhiraj Kunwar, Managing Director of Business Banking; Kunal Roy, Head of Products and Proposition for Business Banking at RAKBANK; Manjeet Singh Chhabra, Managing Director of CRIF GULF DWC LLC (Dun & Bradstreet) along with the Senior management of CRIF GULF Dun & Bradstreet.

04/08/2019

• The MOU will offer RAKBANK Business Banking customers property management and portal services on preferential terms

The National Bank of Ras Al Khaimah (RAKBANK) has entered into a Memorandum of Understanding (MoU) with City Properties Real Estate (CPRE), one of UAE's leading leasing and property management service providers for residential, commercial and industrial real estate. 

The MoU will enable RAKBANK’s Business Banking unit to refer specialized services to its real estate customers, on preferential terms through this partnership. Customers will have access to discounts on property management fees, legal services, online monitoring, and utilities payment modules.

The MoU was signed by Geoff Stecyk, COO of RAKBANK; Dhiraj Kunwar, Managing Director of Business Banking; and Kunal Roy, Senior Manager of Business Banking at RAKBANK; Dr. Abdulla Al Shaibani, CEO of CPRE, in the presence of Dr. Najib Fadhlani and Senior CPRE Management.

Commenting on the partnership Geoff Stecyk, Chief Operating Officer of RAKBANK, said:
“This is a valuable addition to the diverse range of products and services that are offered by RAKBANK Business Banking. Both RAKBANK and CPRE are committed to addressing property owners’ challenges by providing innovative solutions that will reduce costs and improve operating efficiencies. As a Bank, we strive to continually introduce new platforms that will assist our customers not just financially, but in direct support of their business objectives. This latest partnership is fully aligned with that philosophy.”

Dr. Abdulla Al Shaibani, CEO of CPRE, said: “Since 2003, City Properties Real Estate has been a key influencer on the Emirati real estate market, delivering clients to safety when things were tough, and maximizing clients’ benefit when economy was booming. The result was an exquisite reputation backed up by more than 16 years of experience in navigating the domain of real estate management and property evaluation all over the GCC region and several parts of the world.”

City Properties is mostly distinguished by its evolutionary approach that incorporates IT & software solutions to create pioneering websites and applications that enable our partners of owners, tenants and investors to keep a better track of properties.

As part of this partnership, City Properties is the first company in the UAE that provides e-services with unique privileges in property management to RAKBANK and its clients.

22/07/2019

• 6-month Net Profit of AED 554.9 million increased by 28.5% year-on-year
• Total Income increased by 7% year-on-year
• Total Assets increased by 12.1% year-on-year and by 8.7% year-to-date

The National Bank of Ras Al Khaimah (“RAKBANK” or the “Bank”) has announced its financial results for the 6-month period ended 30 June 2019. Consolidated first-half Net Profit of AED 554.9 million increased by 28.5% year-on-year, with second quarter net profit of AED 284.8 million increasing by 25.7% compared to Q2 2018. On a quarter-on-quarter basis, net profit improved by 5.4%. Gross Loans & Advances have grown by 1.4% year-to-date, reaching AED 35.3 billion, with lending growth delivered by the Wholesale and Retail Banking portfolios.

Commenting on the results, Peter England, CEO of RAKBANK, said: “It has been a very strong first half for 2019. Whilst loan growth has been challenging in our Personal Banking and SME segments due to market conditions, we continue to see good traction in our Wholesale and Financial Institutions Businesses. In terms of asset quality, we continue to see a reduction in the Non-Performing Loans to Gross Loans and Advances ratio that closed the period at 3.7%, while our increasingly diverse revenue streams are demonstrated by growth in fee and commission income of AED 44 million compared to H1 2018 and an increase of AED 56.9 million in Forex and Derivative income. Our strategy remains focused on achieving diversification in our business, and its rewards are clearly seen in numbers achieved across business units. 

Performance highlights: H1 2019

• 6-month Net Profit of AED 554.9 million increased by 28.5% year-on-year
• Total Income up 7% compared to H1 2018 
• Gross Loans & Advances increased by 0.4% year-on-year; up 1.4% year-to-date
• Total Deposits at AED 38.9 billion, up by 13.9% year-to-date
• Return on Assets at 2.1% and Return on Average Equity at 15.6% (annualized)

Performance review

Total income of AED 2.0 billion for the six months ended 30 June 2019 improved by 7.0% on the same period in 2018. Net Interest Income and Net Income from Islamic Finance for the first half of 2019 was AED 1.4 billion, growing by 1.6% year-on-year. Non-Interest Income improved by AED 108.3 million year-on-year to AED 614.2 million, mainly due to an increase of AED 56.9 million in Forex & Derivative income and AED 44 million in Fee & Commission income. Operating expenses increased by 5.1% year-on-year and the cost-to-income ratio dropped to 39.1% compared to 39.9% in H1 2018. 

Year to date growth in Total Assets resulted from an increase of AED 495.3 million in Gross Loans & Advances and increases of AED 2.2 billion in bank placements and AED 1.0 billion in cash and balances with the Central Bank. Healthy growth of 3.1% in Wholesale Banking loans further contributed to an increase in Gross Loans & Advances, while Customer Deposits grew by AED 4.7 billion to AED 38.9 billion, an increase of 13.9% year-to-date. The Bank’s current and savings accounts (CASA) balances grew by AED 1.5 billion. 

Asset quality
Provisions have continued to improve during the last seven quarters. The Non-Performing Loans and Advances to Gross Loans and Advances ratio closed the period at 3.7% compared to 3.9% as at 30 June 2018 and 4.2% as at 31 December 2018. RAKBANK is well provisioned against loan losses with a loan loss coverage ratio of 131.8%, excluding mortgaged properties and other realizable asset collateral available against loans. Impairments maintained a downward trajectory, declining by 9.9% on the previous quarter. Impairments as at 30 June 2019 were down by 4.4% year-on-year.

Capitalization and liquidity
The Bank’s capital adequacy ratio as per UAE Central Bank regulations stood at 17.3% as at 30 June 2019. The regulatory eligible liquid asset ratio at the end of the period was 15.1%. In April 2019, RAKBANK issued five-year bonds amounting USD 500 million under the Bank’s EMTN programme and paid back the outstanding nominal amount of USD 681.67 million on its 5-year bond, which matured on 24 June 2019.

England concluded: “Our robust performance was supported by key initiatives launched during the second quarter. We announced our partnership to power all retail payment transactions for Dubai’s Coca-Cola Arena, and partnered up with the Department of Tourism and Commerce Marketing (DTCM), supporting strategic initiatives and becoming key sponsors of their retail events such as Dubai Summer Surprises (DSS). Our outlook for the coming periods remains positive, as we continue to focus on boosting the performance of individual business units, while at the same time innovating to roll-out a more diverse range of products, services and solutions. We are looking forward to launching a number of new initiatives during the second half of this year.”

Financial highlights

Income statement highlights

07/07/2019

Shahad Ibrahim Hasan Alhosani, a seven-year-old Emirati girl who has a passion for football and an admiration for the football legend Lionel Messi, has won the opportunity of a lifetime. The Priceless Experience was made possible for her through a competition for applicants of Mastercard Credit Card from RAKBANK. The competition was hosted on RAKBANK’s Social Media platforms. 

Shahad won the grand prize - a Priceless Experience to the UEFA Champions League quarter-final between FC Barcelona and Manchester United, where she became the first Emirati girl mascot ever to walk with the legend Lionel Messi. Mastercard is the official sponsor of UEFA Champions League. 
Shahad’s mother entered her into the RAKBANK Social Media competition where she shared a short video clip of Shahad celebrating her goal scoring moment. As part of the experience, Shahad walked alongside the FC Barcelona team at Camp Nou stadium in Spain, one of the most iconic football stadiums in the world. 

A huge fan of the FC Barcelona superstar, Shahad was the first young Emirati girl ever to win such a spectacular prize, and was star struck upon meeting her idol. Adding further excitement for her, Messi went on to score two magnificent goals and led his team to a 3-0 victory. 

“I never thought I would ever be able to meet Messi in my life. He’s the best footballer in the world and I could not be happier to be able to meet my hero. I want to thank Mastercard and RAKBANK for making this happen. This is the best gift I’ve ever received and I will always remember it,” said Shahad Ibrahim Hasan Alhosani on her experience.  

Working closely together, RAKBANK and Mastercard have always shared a dedication to innovation, and this unique competition offers RAKBANK Mastercard Credit Cardholders the opportunity to create such priceless moments
 

02/07/2019

• Bank is among the first in the region to provide access to all digital wallets – including Google PayTM, Fitbit Pay, Garmin Pay, Samsung Pay and Apple Pay
   
• RAKBANK is the only bank in the UAE to offer cash withdrawals using digital wallets at contactless ATMs 

The National Bank of Ras Al Khaimah (RAKBANK) has worked with Google PayTM, Fitbit Pay and Garmin Pay, in addition to existing partners Samsung Pay and Apple Pay, to give customers better access to digital payment solutions. 

RAKBANK Debit, Credit and Prepaid Cardholders can now add their card details on their smartphone and smartwatch to enjoy instant access to contactless payments at point of sale terminals and cash withdrawals at contactless-enabled RAKBANK ATMs without the need of carrying the physical Card.

Peter England, Chief Executive Officer at RAKBANK, commented: 
“RAKBANK is committed to the early adoption of new technologies to bring considerable benefits to our customers. The high penetration rate of smartphones in the UAE has driven the desire for convenient, integrated payment systems. As traditional spending habits evolve in an increasingly digitized world it is important to invest in and grow in parallel with our customers’ needs. In this regard, we are very pleased to be working with Google Pay, Fitbit Pay and Garmin Pay, to provide safe and seamless digital payments options for our Cardholders.”

Frederic de Melker, Managing Director of Personal Banking at RAKBANK, commented: 
“The advances in technology are making big strides and happening at an extremely fast pace. Today’s retail customers decide not only when and where, but how they pay for their purchases. RAKBANK’s expansion of its digital wallets and payment offering is simply one aspect of a broader strategy that is based on the foundation of a solid digital payment framework, which aims to offer cardholders and customers alike the facility to easily pay and transact in a seamless, secure and frictionless way. The new digital wallet solutions will empower our customers and potential customers to manage their banking transactions and needs in just a simple tap of their smartphone or smartwatch.”

Google Pay is a fast and secure payment method accepted by millions of merchants across the world. RAKBANK Cardholders can now add their card to their Google Pay wallet on their Android phones, tablets or watches, enabling them to make tap-to-pay purchases. 

Fitbit Pay brings digital payments to RAKBANK Cardholders from their smartwatch or tracker. Customers can easily add their credit or debit card to their Fitbit app, and use their device to make payments on the go, directly from their wrist, without using their mobile phone or wallet. Making payments in stores that accept contactless payments is done by pressing and holding the left side button until the debit or credit card is seen on the Fitbit device screen and hold the watch against the payment terminal until a confirmation of the payment appears. The Fitbit Pay system is available on Fitbit Ionic, Fitbit Versa and Versa Special Edition smartwatches; as well as on the Fitbit Charge Special Edition tracker.

Garmin Pay is a contactless payment system that facilitates transactions with a few quick touches. Garmin Pay is easily accessible to RAKBANK Cardholders through compatible Garmin watches. Cardholders simply enter their passcode, select the right card from the virtual wallet, and then hold their wrist near the card reader for quick and easy payments and cash withdrawals at RAKBANK ATMs.

30/06/2019

RAKBANK has signed a 5-year exclusive agreement with RAK Insurance for a Group Credit Protection programme designed to provide financial protection to their borrowers and credit card holders in an event such as a death or disability. This agreement is backed by Munich Re, one of the world’s leading reinsurers.

This is a ground-breaking solution due to its multi-year term; the bespoke offering for RAKBANK combines RAK Insurance’s local knowledge and insurance expertise with Munich Re’s capabilities in customising high-quality, tailored solutions for risk management. 

This programme will enable a consistent client insurance offering across the bank, underpinned by efficient and effective turnaround of underwriting and claims services through local presence of Munich Re. 

Peter England, RAKBANK CEO, commented: “This collaboration is supporting the growth in our Personal Banking unit, improving our diversification efforts and leveraging RAK Insurance’s local and Munich Re’s international expertise. The Bank is delighted to sign this five-year agreement, offering customers a number of services as part of the credit protection programme.”

RAKBANK’s agreement with RAK Insurance is in line with the Bank’s strategy to diversify its income and provide best-in-class services to customers. The Bank’s current strategy is heavily focused on diversification and customer centricity, which includes growth in Bancassurance services. 
 
Frank Mayer, CEO of Munich Re Underwriting Agents, DIFC, commented: “This innovative group credit solution will provide RAKBANK’s retail banking clients with insurance protection over the next five years, and will enable Munich Re to explore new and innovative product development opportunities jointly with RAKBANK and RAK Insurance.” 

Ewen McRobbie, RAK Insurance CEO, commented: “RAK Insurance is delighted to sign this five-year agreement with RAKBANK and Munich Re.  It underpins our intention as a member of RAKBANK Group to work jointly towards providing quality services that benefit RAKBANK customers”.

RAKBANK recently announced consolidated Net Profit of AED 270.2 million for Q1 2019, a year-on-year increase of 31.7%. Total Income of AED 1.0 billion increased by 8.5% from 2018, with Total Assets of AED 53.5 billion increasing by 9% year-on-year. Recent strong financial results have been driven by the Bank’s diversification strategy, which commenced in 2015 and has included expansion into new business lines and products.