The National Bank of Ras Al Khaimah (RAKBANK) has reported its financial results for the full year of 2024, marking a record-breaking achievement. The Bank recorded a profit before tax of US$626 million (AED 2.3 billion), a 27% year-on-year (YoY) increase, crossing the AED 2 billion mark for the first time in its history. Profit after tax stood at US$571 million (AED 2.1 billion), up 16% YoY.
Strong Financial Performance and Diversified Growth
RAKBANK’s total income for 2024 reached US$1.28 billion (AED 4.7 billion), growing 7% YoY, while total assets surged to US$24 billion (AED 88.3 billion), up 19% YoY. Customer loans and advances crossed US$13.7 billion (AED 50 billion), reflecting a 19.2% YoY growth. Deposits increased by 18.4% YoY to US$16.2 billion (AED 59.6 billion), with a CASA ratio of 62.7%—one of the highest in the industry.
Commenting on the Bank’s record results, H.E. Mohamed Omran Alshamsi, Chairman of RAKBANK, stated:
“It is with great pride that I reflect on RAKBANK’s outstanding performance in 2024. 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 billion profit milestone for the first time in the Bank’s history. With a strong and resilient balance sheet, we will continue investing in technology and talent to maintain our position as a market leader.”
Investment in Technology and Digital Innovation
RAKBANK’s transformation into a digital-first institution has been pivotal in its success. Over 87% of new accounts were opened digitally, with 98% of financial transactions conducted through digital channels. The Bank also recorded over 50 million logins to its mobile app in 2024, underscoring the shift towards seamless, digital-first banking experiences.
The launch of RAKBANK’s AI Lab further strengthened its commitment to innovation. The AI-driven initiatives support the Bank’s “Mission Zero” strategy—aiming for zero errors, zero delays, and zero complaints. Additionally, the introduction of Equal Payment Plans for credit cards via the mobile app saw a rapid adoption rate, with 60% digitization achieved within one month.
Raheel Ahmed, Group CEO of RAKBANK, highlighted the Bank’s digital evolution:
“Our strategic transformation is delivering sustainable business growth while pivoting us to become a ‘Digital Bank with a Human Touch.’ We are modernizing technology, enhancing customer experiences, and reinforcing risk and compliance frameworks to drive scalable growth. This focus on digitalization has allowed us to maintain strong liquidity, achieve a high return on equity of 18.4%, and support customers more effectively.”
Expanding SME and Wholesale Banking Capabilities
RAKBANK remains the UAE’s leading SME bank, supporting over 91,700 businesses across the country, including 13,000 new entrepreneurs in 2024. The SME sector benefitted from a 25% increase in new business accounts and the success of the Bank’s SMESouk Podcast, which amassed 3.8 million impressions.
The Wholesale Banking segment also recorded steady growth, expanding its client base by 2% and introducing new escrow services and trade finance solutions. In 2024, RAKBANK launched an FX platform, enhancing its foreign exchange capabilities with real-time rates and streamlined transaction execution.
Commitment to Social Responsibility and Financial Inclusion
RAKBANK issued the first Social Finance Bond in the GCC, directing proceeds towards SME support and the healthcare sector, in alignment with the UAE’s “We the UAE 2031” vision. The Bank also continued its financial literacy initiatives, conducting sessions in schools and labour camps, covering key topics such as budgeting and saving.
In addition, the Bank launched a microfinance product targeting underbanked communities, disbursing over 500,000 loans to blue-collar workers. This initiative replaces informal lending with a structured, transparent banking solution, reinforcing RAKBANK’s role in financial inclusion.
Future Outlook
Looking ahead, RAKBANK remains cautiously optimistic amid global economic uncertainties. The UAE’s strong economic performance, driven by thriving tourism and non-oil activities, provides a solid foundation for continued growth.
“As we navigate the future, we will continue investing in digital transformation and customer experience. Our growth in diversified segments, strong liquidity, and focus on innovation position us well for long-term success,” added Raheel Ahmed.
With a robust balance sheet, a strong focus on technological advancements, and a commitment to customer-centric banking, RAKBANK is well positioned to sustain its growth trajectory and reinforce its role as a key player in the UAE’s financial sector.
