{"id":88551,"date":"2024-01-31T00:00:00","date_gmt":"2024-01-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/national-bank-of-ras-al-khaimah-reports-an-increase-in-net-income-in-2023\/"},"modified":"2024-01-31T00:00:00","modified_gmt":"2024-01-31T00:00:00","slug":"national-bank-of-ras-al-khaimah-reports-an-increase-in-net-income-in-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/01\/31\/national-bank-of-ras-al-khaimah-reports-an-increase-in-net-income-in-2023\/","title":{"rendered":"National Bank of Ras Al Khaimah reports an increase in net income in 2023"},"content":{"rendered":"

The National Bank of Ras Al Khaimah (Rakbank) saw its net income rise 53.4% <\/strong>y-o-y to<\/strong> AED 1.8 bn during 2023<\/strong>, driven by a 34% rise in net interest income to AED 3.3 bn, according to the bank\u2019s earnings release (pdf)<\/a>. Non-interest income rose 17.8% y-o-y to AED 906 bn. <\/p>\n

The bank\u2019s total assets grew 11.5% y-o-y to AED 74 bn in 2023<\/strong>, driven by a 10.1% increase in loans and advances to AED 42 bn, according to the statement. Customer deposits grew 12.3% y-o-y to AED 50.4 bn during the same period.<\/p>\n

On a 4Q basis: <\/strong>The bank\u2019s net income rose 51.6% y-o-y to AED 430.9 mn, while operating income rose 14.9% y-o-y to AED 1.1 bn, according to the earnings release. <\/p>\n

Strong digital growth:<\/strong> \u201cWe witnessed a 68% digital share of new account opening. While we continue to evolve our awardwinning family app, Skiply, we are also seeing a 27% y-o-y growth in the registered merchants,\u201d Rakbank CEO Raheel Ahmed said. <\/p>\n

\n

\n

The Dubai Financial Market Company (DFM) reported a 124% y-o-y rise in net income in 2023 to AED 329.4 mn<\/strong>, according to an earnings release (pdf)<\/a>. DFM wrapped up 2023 on a positive note on account of an increase in trading activities and capital inflow, and a noteworthy surge in new investors, the statement said. <\/p>\n

Breakdown: <\/strong>The DFM General Index, ranked among top global exchanges, witnessed 21.7% y-o-y growth, while DFM PJSC reported a 54% y-o-y increase in total revenues for 2023, reaching AED 541.6 mn. Operating income stood at AED 346.2 mn, with AED 195.4 mn from investment returns and other income. Overall expenses were AED 212.2 mn, up from AED 204.1 mn in FY 2022.<\/p>\n

Foreign investors played a significant role in DFM's performance<\/strong>, contributing 47% to the overall trading value, with AED 5.1 bn in net purchases and a market capitalization share of 20%. The company welcomed 62.7k new investors during the year, 73% of which were foreign investors from over 200 countries.<\/p>\n

Dividends:<\/strong> The DFM\u2019s board has proposed distributing a total of AED 280 mn in dividends, according to the statement. <\/p>\n","protected":false},"excerpt":{"rendered":"

Rakbank\u2019s net income reached AED 1.8 bn in 2023, driven by non-interest income<\/p>\n","protected":false},"author":1,"featured_media":88552,"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":[159,237,7,719,534],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88551","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-banking","tag-earnings-watch","tag-enterpriseam-uae","tag-rakbank","tag-ras-al-khaimah","wpautop","entry"],"acf":{"mongo_id":"9a7fdeee-a87c-4878-9de7-e192d117fbfb","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/2567.jpeg","photo_position":"above","homepage_title":"","full_issue_title":"National Bank of Ras Al Khaimah reports higher net income in 2023","related_issue":[88534],"teaser":"Rakbank\u2019s net income reached AED 1.8 bn in 2023, driven by non-interest income","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.72267f69-758d-425b-b6c3-3b95df23ca26.mp3"},"yoast_head":"\nNational Bank of Ras Al Khaimah reports an increase in net income in 2023 - 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