The statement explained that the bank’s operating income increased from the beginning of the year until the end of September 2024 by 8.1 percent on an annual basis, supported by a net interest margin of 4.6 percent. This is attributed to the growth of diversified assets and the base of current and savings accounts, as well as an increase in non-interest income.
Operating expenses also remained stable at 1.2 billion dirhams, from the beginning of the year until the end of September 2024. The cost to income ratio also reached 33.6 percent, compared to 36.2 percent in the same period last year, and this is attributed to improved operational efficiency.
And he said National Bank of Ras Al Khaimah The total loans and advances reached 48.9 billion UAE dirhams as of the end of September 2024, recording an increase of 19.1 percent on an annual basis. This is attributed to the growth witnessed by various categories, as loans and advances to companies and institutions increased by 41 percent on an annual basis, in parallel with the diversification strategy that The bank follows it.
Customer deposits amounted to AED 57.3 billion, an increase of 18.2 percent year-on-year, with the rate of current and savings accounts reaching 62.4 percent, which is considered one of the highest rates in the banking sector.
The credit quality of the bank’s portfolio remained strong, with the cost of risk recording 1.6 percent in the first three quarters of 2024 compared to 2.5 percent in the same period last year. This is due to a sound credit environment and a shift in banking activities towards low-risk secured assets.
Highlights of the financial results for the third quarter of 2024
Profit before taxes reached AED 659 million in the third quarter of 2024, an increase of 45.7 percent year-on-year.
Operating income reached AED 1,204 million in the third quarter of 2024, an increase of 7 percent year-on-year.
Total loans and advances in the third quarter of 2024 increased by 12.1 percent compared to the second quarter of the same year, due to growth across all categories, as the corporate banking portfolio reached 16 billion dirhams.
Customer deposits decreased by 2.1 percent compared to Q2 2024, primarily due to higher cost term deposit maturities during Q3 2024.