RAKBANK posts Dh296 million second quarter profit

RAKBANK has reported a net profit of Dh296 million for second quarter of 2011, up by 23 per cent compared to the same quarter last year. While the bank's net interest income for the second quarter increased by 23 per cent to Dh488.09 million, fee and commission income declined 10 per cent to Dh121.24 million compared to the same quarter last year. RAKBANK reported a net profit of Dh589.1 million for the six months ended June 30, 2011 reflecting a 25.8 per cent growth compared to the same period in 2010. During first six months of the year, the bank's net interest income grew by 21.7 per cent compared to the same period last year to reach Dh933.3 million. Gross loans and advances stood at Dh17.9 billion, an increase of 6.7 per cent over December 31, 2010 and an increase of 15.7 per cent. "The bank's six months result reflects the growth its 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. From / Gulf News