{"id":100011,"date":"2025-01-24T00:00:00","date_gmt":"2025-01-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/rak-national-ins-and-rakbank-report-earnings-for-2024\/"},"modified":"2025-01-24T00:00:00","modified_gmt":"2025-01-24T00:00:00","slug":"rak-national-ins-and-rakbank-report-earnings-for-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/01\/24\/rak-national-ins-and-rakbank-report-earnings-for-2024\/","title":{"rendered":"Rak National Ins. and Rakbank report earnings for 2024"},"content":{"rendered":"

Two Ras Al Khaimah entities have reported their full-year earnings for <\/strong>2024. <\/strong>Here\u2019s how the year looked: <\/p>\n

RAKBANK-<\/span><\/p>\n

The National Bank of Ras Al Khaimah (Rakbank) saw its net income after tax rise 16% <\/strong>y-o-y to AED 2.1 bn during 2024<\/strong>, driven by a 7% y-o-y rise in operating income to a record AED 4.7 bn, according to the bank\u2019s earnings release (pdf)<\/a>. Net interest income for the year rose 6.8% y-o-y to AED 3.6 bn.<\/p>\n

The bank\u2019s total assets grew <\/strong>19.<\/strong>4% y-o-y to AED 88.3 bn in 2024<\/strong>, 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.<\/p>\n

On a 4Q basis:<\/strong> The bank\u2019s 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.<\/p>\n

Behind the robust performance: <\/strong>\u201cOur 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,\u201d Rakbank\u2019s Chairman, Mohamed Omran Alshams, said in the release.<\/p>\n

RAS AL KHAIMAH NATIONAL INS.- <\/p>\n

Ras Al Khaimah National Ins. reported a net income of AED 15.4 mn for 2024<\/strong>, marking a 6.2% y-o-y increase compared to 2023, according to the company\u2019s financials (pdf)<\/a>. The firm\u2019s ins. revenue rose by 8.5% y-o-y to AED 504 mn during the same period.<\/p>\n","protected":false},"excerpt":{"rendered":"

Rakbank\u2019s net income hit a new record during the year<\/p>\n","protected":false},"author":1,"featured_media":100012,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1596],"tags":[237,7,132,719],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-100011","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseam-uae","tag-insurance","tag-rakbank","wpautop","entry"],"acf":{"mongo_id":"4b638044-2a11-442b-8094-56218c8e66d6","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/1651.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Ras Al Khaimah National Ins. records an AED 15.4 mn net income in 2024","related_issue":[99997],"teaser":"Rakbank\u2019s net income hit a new record during the year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/1\/.c407f6ff-0d5a-419f-9aaa-3c17651d162d.mp3"},"yoast_head":"\nRak National Ins. and Rakbank report earnings for 2024 - 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