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30/04/2012

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

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

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

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

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

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

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

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

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

About RAKBANK

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

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

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

21/04/2012

An increase of 11% compared to same period last year

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

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

FUNDED INCOME GROWS BY 21%

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

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

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

NON INTEREST INCOME

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

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

ASSETS & LIABILITIES

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

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

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

CAPITAL ADEQUACY

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

RATINGS

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

About RAKBANK

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

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

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

17/04/2012

Bling campaign delivers results in both uptake and ROI

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

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

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

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

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

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

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

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

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

About RAKBANK

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

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

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

Extending further support to its growing number of Chinese Customers

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

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

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

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

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

About RAKBANK

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

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

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

Exclusive glittering offer to Cardholders

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

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

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

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

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

About RAKBANK

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

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

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

17/07/2012

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

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

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

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

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

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

About RAKBANK

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

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

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

22/09/2015

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

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

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

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

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

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

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

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

Ratings

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

Dividend

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

About RAKBANK

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

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

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

Adding more sparkle to Bank’s Cards

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

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

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

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

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

About RAKBANK

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

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

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

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

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

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

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

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

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

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

About RAKBANK

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

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

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

An increase of 24.2% compared to same period last year

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

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

Funded Income

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

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

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

Fee and Commission Income

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

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

Assets & Liabilities

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

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

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

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

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

Capital Adequacy

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

Ratings

The current ratings are detailed below:

About RAKBANK

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Capital Adequacy

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

Ratings

The current ratings are detailed below:

About RAKBANK

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

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

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

New Bank Winner Plans to be a Future Homeowner

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

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

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

About RAKBANK

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

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

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

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

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

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

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

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

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

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

- Ends –

About RAKBANK

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

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

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

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

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

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

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

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

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

- Ends –

About RAKBANK

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

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

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

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.