Two Ras Al Khaimah entities have reported their full-year earnings for 2024. Here’s how the year looked:

RAKBANK-

The National Bank of Ras Al Khaimah (Rakbank) saw its net income after tax rise 16% y-o-y to AED 2.1 bn during 2024, driven by a 7% y-o-y rise in operating income to a record AED 4.7 bn, according to the bank’s earnings release (pdf). Net interest income for the year rose 6.8% y-o-y to AED 3.6 bn.

The bank’s total assets grew 19.4% y-o-y to AED 88.3 bn in 2024, driven by a 19.3% increase in loans and advances to AED 50.3 bn, according to the statement. Customer deposits grew 18.4% y-o-y to AED 59.6 bn during the same period.

On a 4Q basis: The bank’s net income fell 10.4% y-o-y to AED 386 mn, while operating income rose 3.7% y-o-y to AED 1.2 bn, according to the earnings release.

Behind the robust performance: “Our unwavering commitment to excellence, coupled with a focus on digital innovation and exceptional customer experiences, has driven remarkable financial growth, enabling us to surpass the AED 2 bn net income milestone for the first time in the bank’s history,” Rakbank’s Chairman, Mohamed Omran Alshams, said in the release.

RAS AL KHAIMAH NATIONAL INS.-

Ras Al Khaimah National Ins. reported a net income of AED 15.4 mn for 2024, marking a 6.2% y-o-y increase compared to 2023, according to the company’s financials (pdf). The firm’s ins. revenue rose by 8.5% y-o-y to AED 504 mn during the same period.

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